Avalanche (AVAX) price is facing significant resistance that could challenge the rally and push the altcoin back within the long-term channel. On the other hand, Designed as a substantial upgrade on its Telegram trading bot rivals, Bitbot is the AI-infused non-custodial trading companion the market has been requesting, and it has 100x gains firmly within its sights.
Avalanche optimism may be short-lived
Avalanche’s exit from a month-long consolidation reignited investor optimism. However, the fall in the asset price below the $39 resistance actually resumed consolidation.
One reason for this is the lack of support from the broader market, which is hinted at by the moving average convergence divergence (MACD) indicator. At the moment, the signal line is close to crossing the MACD line, which is considered a bearish signal.
Additionally, AVAX faced major resistance between $37 and $41. This is because, according to the Global In/Out of the Money (GIOM) indicator, investors bought about 11.9 million tokens worth $409.7 million in this range. To break out of the consolidation, the altcoin first needs to make this supply profitable.
Avalanche (AVAX) Price Forecast: Continued Consolidation
At the time of writing, Avalanche is trading at $37. The asset price may gradually decline towards the $31 support as the above-mentioned factors suggest a bearish outcome.
However, if investors show more initiative, AVAX will attempt to reaffirm the channel’s upper boundary at $39 as support, paving the way to $42. The next major resistance is at $45: if the altcoin settles above it, the bearish thesis will be invalidated.
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