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Avalanche course forecast: AVAX course continues to descend!

 


AVAX price fell to around USD 17.5, breaking the bearish golden ratio support around USD 20. What's next?


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

In the latest AVAX Price Forecast we wrote: “ 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 at around $25. The Avalanche price could now return to the golden ratio support at around USD 20, only to bounce off it strongly. 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. "


AVAX price bearishly broke the golden ratio support around USD 20


AVAX price broke the golden ratio support at around USD 20 bearishly and briefly fell to around USD 17.5. Currently, the AVAX price seems to find a small support at around USD 18.65, but with the break of the golden ratio at around USD 20, the AVAX price may soon go to the last low at USD 13.7.


In the daily chart, however, the histogram of the MACDs has been ticking bullishly higher for a few days and the MACD lines could soon cross in a bullish manner. The RSI is neutral, but is close to oversold regions.


On the 4H chart, the Death Cross confirms the trend bearishly in the short term


On the 4H chart, the Death Cross confirms the trend bearishly in the short term. Also, AVAX price formed a lower high and higher low since Avalanche dropped to around $17.5.


Thus, the AVAX course is in a symmetrical triangle in the 4H chart, which could break out bullish or bearish. However, the MACD on the 4H chart is clearly bearish as the histogram is ticking bearish lower and the MACD lines may soon cross bearishly.


For AVAX to end the corrective move, AVAX needs to clear the golden ratio around USD 26. Before that, however, AVAX is already finding resistance at around USD 20 at the 50-4H EMA and at around USD 22.6 at the 200-4H EMA, which also runs the 0.382 Fib level.


The bearish rejection is evident on the weekly chart

For the past two weeks, the Avalanche price has fallen sharply after being bearishly rejected at the golden ratio resistance around USD 29. Still, MACD's histogram is ticking bullishly higher this week after ticking bearishly lower last week. In addition, the MACD lines are still crossed bullishly, while the RSI is neutral.


Without a break in the golden ratio at around USD 26, the correction remains intact. Should AVAX break the low at around USD 13.7, significant support will only be waiting for the AVAX price between USD 9.25 and USD 11.9.


The monthly chart gives no indication of a bullish trend reversal

There is no indication of a bullish trend reversal in the monthly chart. Instead, the bearish rejection at the golden ratio around $29 confirms the bear trend.


Against BTC, the Avalanche price could correct to the golden ratio support

The AVAX price has also fallen very sharply against BTC in recent weeks, but the AVAX price has already bounced 2.2% above the golden ratio support at around 0.00086 BTC. However, AVAX could return there in the medium term to bounce off it strongly. Avalanche is already facing resistance around 0.001 BTC at the 50-day EMA.


While the RSI is neutral and the MACD lines are bearish crossed, the histogram of the MACD on the daily chart has been ticking bullishly higher for the past few days. It could still be a few days before AVAX falls to the golden ratio around 0.00085 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 taken by the reader based on the information found on our website is entirely at their own risk.

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