The price of Avalanche is following Bitcoin’s direction as it recovers from the $0.1 level this week. It’s down by 5.5% over the past hours as it finds it difficult to recover above $13.9 over a week.
After Avax’s price dropped briefly to a new weekly low of $11.5 on Tuesday, the price recovered and traded back above the price level. Up till now, the price has been trading above it. This price drop has led to a false breakdown, considering the $12 and $15.97 price range levels acting as support and resistance.
On the 4 hours chart, the bulls are trying to regroup as the buying pressure appeared not strong enough to keep the price up. The latest price action shows sellers are stepping back. Avax currently sits at $12.6.
The $12 level could support the market if the price pullbacks. A strong pullback could fault the support level and drops the price to a new low. However, there’s still room for gains toward $16 if the bulls can show strong commitment.
As it stands now, there’s not enough buying volume to fuel the positive move. The price is gradually building up as volatility remains low. For a bearish continuation, Avalanche would find a new low if $11.5 fails to hold as support. Despite the recent bounce, the asset remains under a bearish radar.
Avalanche Price Analysis (AVAXUSDT): 4-Hour Chart
Avalanche has witnessed a mild recovery over the past three days. We can expect it to last for a while if the bulls can overcome the immediate resistance level of $13.9, which suppressed bullish actions for days. The next level to watch is $14.66 if the price increases. Above this level lies $16.
While the market held support at $12, a drop below this level would trigger a continuation to $11 and $10. The price could dip to as low as $7 if the crypto continues to lose momentum.
Key Resistance Levels: $13.9, $14.66, $16
Key Support Levels: $12, $11, $10
- Spot Price: $12.6
- Trend: Neutral-Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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