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AVAX Price Prediction: Will AVAX Price Fall Back Around $14?

 


AVAX price was bearishly rejected at the golden ratio resistance. Is the AVAX price now returning to the yearly low of around USD 14?


The AVAX price could bounce bullishly at around USD 20

AVAX price was bearishly rejected at the golden ratio resistance around $29 and in the process broke the 50-day EMA at the 0.382 Fib support around $25. The Avalanche price could now return to the golden ratio support at around USD 20, only to bounce off it strongly.


However, the MACD does not give any bullish signals in the daily chart. Instead, the histogram is ticking bearishly lower and the MACD lines are also crossed bearishly. The RSI, meanwhile, is proving neutral but approaching oversold regions.


AVAX price could return to around USD 14


In the weekly chart, however, the MACD is still clearly bullish, because the histogram is still ticking bullishly higher and the MACD lines are still bullishly crossed. The RSI is also neutral here.


If AVAX bounces off bullishly at around USD 20, there is still hope for a continuation of the upward movement and a possible break of the golden ratio resistance at around USD 29.


Otherwise, the Avalanche price could return to the low for the year at around USD 14.


Bearish rejection on golden ratio confirms bearish trend


Ultimately, the bearish rejection at the golden ratio resistance confirms the bearish trend and AVAX will only find significant support again between USD 9.3 and USD 14 if the golden ratio support breaks at around USD 20.


The AVAX course could now bounce against BTC

The MACD in the weekly chart is also still clearly bullish against BTC, because the histogram is still ticking bullishly higher and the MACD lines are still bullishly crossed.


But again, AVAX price was bearishly rejected at the golden ratio resistance, which intercepts the 50-week EMA at around 0.00125 BTC.


AVAX is currently encountering support at around 0.0010186 BTC and should this Fib level be broken bearishly, the next significant Fib support is waiting for AVAX at around 0.00086 BTC.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information found on our website is entirely at their own risk.

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