- The price of AVAX is below the 50 and 200 EMA for the day.
- The price continues to maintain a bearish trend as it looks to break out into the $20 range.
- The price of AVAX closes trying to break out of the lower timeframe.
Avalanche (AVAX) price could not keep its head above the bear market bloodbath with Tether (USDT). With Avalanche (AVAX) price running from a low of $10 to a high of $145, many have predicted that the AVAX project will be a major upset for many crypto projects. Statistics from the combined Consumer Price Index (CPI) and the Federal Open Market Committee (FOMC) have had a negative impact on the market, not exempt from AVAX prices. (Data from Binance)
Avalanche (AVAX) price analysis on the weekly chart
After losing the weekly support of $25, there seems to be no hope of a higher momentum, and the price of AVAX continues to decline as the price looks to regain the support of $10 on the weekly chart.
AVAX price continues to hold above the $10 key support area. AVAX price should break the downtrend that has been maintained for weeks. A break will see the price retry the $20-$25 range.
For the price of AVAX to recover the relief, the price needs to break and hold above the $20 resistance to keep the price of AVAX from looking higher. If the price of AVAX continues to reject $20, we could see the price go lower.
Weekly resistance for AVAX price – 25 dollars.
Weekly support for AVAX price – $15-$10.
Analysis of AVAX price on the four-hour (4H) chart
In the 4H time frame, the price of AVAX continues in a downward trend as the price tries to break out. This may indicate a period of relief on a lower timeframe.
AVAX price is trading below the 50 and 200 Exponential Moving Average (EMA) at $17.4, which serves as resistance for AVAX price. The price of $17.7 and $20 corresponds to the resistance at the 50 and 200 EMA for AVAX price. AVAX price needs to recover the 200 EMA to get a chance to change to $25-$30.
Four-hour resistance for AVAX price – $20-$25.
Four-hour support for AVAX price – $17-$15.
Onchain AVAX analysis
Although many investors and projects are building on the Avalanche network, it has had a difficult time in terms of value during the bear season. Based on chain data, the price of AVAX has started to see some relief in the last 24 hours compared to the previous weeks.
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