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AVAX Price Prediction: Avalanche bearishly rejected at Fib resistance

 


AVAX price returned to support around USD 16. The Avalanche price then rose to around USD 18.4 and was rejected in a bearish manner.


AVAX Price Prediction: Could AVAX Drop Below $14?

Most recently, we wrote in the last AVAX price forecast : “ Against BTC, the AVAX price is about to reach the golden ratio support at around 0.00085 BTC. The AVAX course could bounce off very strongly from this. AVAX finds significant support between USD 13.7 and USD 16.3 at the latest.  On the upside, the golden ratio around USD 29 acts as the key resistance. A bullish break ends the correction.”

The AVAX price returned to the low point at around USD 16 and bounced off it strongly. Subsequently, the Avalanche price rose to the 0.382 Fib resistance at around $18.4 where AVAX got a bearish rejection.


With that, AVAX could return to around USD 16 again. On the other hand, if AVAX bullishly breaks the resistance, there is significant golden ratio resistance at around USD 20 at the 50-day EMA.


The MACD histogram has been ticking bullishly higher for a few days and the MACD lines are bullishly crossed on the daily chart. The RSI is neutral.

On the 4H chart, the Death Cross remains intact, confirming the trend bearish in the short-term. However, here too the histogram of the MACD is ticking bullishly higher and the MACD lines are bullishly crossed.


In the short term, Avalanche might make another attempt to break the Fib resistance around $18.4.


AVAX price finds significant support between USD 13.7 and USD 16.3

Elsewhere, AVAX still finds significant support between $13.7 and $16.3. Previously, Avalanche was bearishly rejected at the golden ratio around $29, leaving the correction phase intact.


But also in the weekly chart, the histogram of the MACD is ticking bullishly higher and the MACD lines are bullishly crossed. The RSI is also neutral here.


The Avalanche price finds support between USD 9.3 and USD 11.9 at the latest

If Avalanche breaks the support between USD 13.7 and USD 16.3, the next significant support awaits between USD 9.3 and USD 11.9.


Against BTC, AVAX price reached and bounced off the golden ratio

Against BTC, the Avalanche course reached the golden ratio support at around 0.00085 BTC and bounced off it heavily. If bearishly broken, AVAX could return to yearly lows around 0.00061 BTC.


In addition, the histogram of the MACDs is ticking bearishly lower here in the weekly chart and the MACD lines could soon cross bearishly.


On the upside, the 50-week EMA is acting as a significant resistance around 0.0011886 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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