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Avalanche Struggle To Break Downtrend, Is $20 Mark Possible?

Avalanche Struggle To Break Downtrend, Is $20 Mark Possible?

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  • AVAX price fluctuates below 50 and 200 EMA on daily time frame.
  • The price continues its downtrend as it seeks to break the $20 area.
  • AVAX price closes trying to break out of its downtrend in the low timeframe.

Avalanche (AVAX) price has been unable to hold its head high above the bear market bloodbath against Tether (USDT). With Avalanche (AVAX) price rising from a low of $10 to $145, many predicted that the AVAX project would cause a major upset to many crypto projects. The combined Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) statistics have negatively impacted the market and AVAX prices have not been released. (Binance information)

Avalanche (AVAX) price analysis on weekly chart

AVAX price has continued to decline as there seems to be no hope of a significant bounce after missing the $25 weekly support as the price looks to regain its $10 support on the weekly chart.

AVAX price remains above the key support area of ​​$10; AVAX’s price must break the downward trend that has been going on for weeks. A break would mean a retest of the price between $20 and $25.

For the price of AVAX to regain its relief, the price must break and stay above the $20 resistance, which prevents the price of AVAX from going higher. If the price of AVAX rejects $20, we can see the price go down.

Weekly Resistance at the price of AVAX – $25.

Weekly support for the price of AVAX – $15-$10.

AVAX price analysis on a four-hour (4H) chart

Four Hour AVAX Price Chart | Source: AVAXUSDT is Tradingview.com

On the fourth hour timeline, the price of AVAX is still trading on the downtrend line as the price tries to break out. This may be a sign of relief in the short term.

AVAX price is $17.4 below the 50 and 200 exponential moving average (EMA), which is opposing the AVAX price. The price of $17.7 and $20 corresponds to the resistance of the 50 and 200 EMA of AVAX price. The price of AVAX needs to claim the 200 EMA in order to move up to $25-$30.

Four hour resistance at AVAX price – $20-$25.

Four hour support for AVAX price – $17-$15.

AVAX’s onchain analysis

AVAX Chain Analysis | Source: AVAXUSD at Messari.io

Although many investors and projects are being built in the Avalanche network, it has experienced a difficult time in terms of prices during the bear season. Based on the chain data, the price of AVAX is starting to see some relief in the last 24 hours compared to the previous weeks.

Featured Image From Daily Hodl, Charts From Tradingview and Messari

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