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AVAX Price Prediction: Will Avalanche Price Drop to $10?

 


The AVAX price continues the downtrend and could possibly drop to the USD 10 mark. Or will Avalanche bounce off now?


AVAX Price Prediction: Avalanche bearishly rejected at Fib resistance

The last AVAX price forecast was more than two weeks ago, in which we wrote: “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. 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.”


AVAX price falls back to the support between USD 13.7 and USD 16.3


AVAX price has fallen back to the support between USD 13.7 and USD 16.3 to find a local bottom around USD 14.45. Previously, AVAX was rejected by the 50-day EMA around USD 20, which is now already acting as resistance around USD 18.


Also, the MACD histogram is mostly ticking bearish lower and the MACD lines are crossed bearish. The RSI is approaching oversold regions, but is not giving any bullish signals yet.

On the 4H chart, the Death Cross remains intact, confirming the trend bearish in the short-term. In addition, the 50-4H-EMA is already acting as a significant resistance at around USD 16, which the AVAX price has not been able to overcome since the beginning of the month.


The MACD is giving mixed signals as the histogram is ticking bullishly higher and the MACD lines are crossed bullishly but extremely close together.


Where is the next support waiting for the AVAX course?

If Avalanche bearishly breaks the support between USD 13.7 and USD 16.3, the next significant support awaits around USD 9.3 and USD 12. Upwards, AVAX finds the crucial Fib resistance at around USD 20.7 and USD 25.


If AVAX breaks the golden ratio around USD 25, the corrective move is over for now. Then, AVAX might attempt to target the 50-week EMA around $38.


Additionally, the MACD histogram has been ticking bullishly higher for weeks and the MACD lines are crossed bullishly. In the weekly chart, the MACD is still clearly bullish.


Avalanche needs to break $100 to be bullish again

For a new bull cycle, Avalanche would have to break the golden ratio at around USD 100, which AVAX is currently a long way from. It looks more likely in the medium term as AVAX returns to the support between USD 9.3 and USD 12.


Against BTC, AVAX is at Golden Ratio support

Against BTC, the Avalanche price is again at the golden ratio support at around  0.00085  BTC, which AVAX could bounce off. On the other hand, if AVAX bearishly breaks support, AVAX could return to yearly lows around 0.00061 BTC.


Furthermore, the MACD histogram is ticking bearishly lower on the weekly chart and the MACD lines could cross bearishly very soon. On the upside, the 50-week EMA is serving 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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