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AVAX remains under Bears’ control
Avalanche (AVAXUSD) Price Analysis – 29 November
A further increase in bearish momentum may take the price below $11, which may extend to $10 and $09 levels. When buyers gain more momentum, AVAX may further increase to $12, $14, and $16 resistance levels.
AVAX/USD Market
Key Levels:
Resistance levels: $12, $14, $16
Support levels: $11, $10, $09
AVAX/USD Long-term Trend: Bearish
Avalanche is on the bearish movement. The coin has been under the bears’ control since three weeks ago. The coin reaches the low $14 support level. The sellers’ pressure was not enough to break down the barrier at the just-mentioned level. Avalanche price pulled back due to an increase in the buyers’ pressure and tested $20 resistance level on 04 November. An inverted pin bar formed at the same level and the seller’s momentum increased again. Price broke down the former support of $12, it is testing the support level of $11.
On the daily chart, sellers are dominating the market. Avalanche has broken down the dynamic support level, it is trading below the two EMAs. A further increase in bearish momentum may take the price below $11, which may extend to $10 and $09 levels. When buyers gain more momentum, the price may further increase to $12, $14, and $16 resistance levels.
AVAX/USD Medium-term Trend: Bearish
Avalanche performance is bearish in the 4-hour chart. The price bounced up from the $14 support level and tested the $20 resistance level. The seller opposed the buyers at the resistance level of $20. Sellers would not let Avalanche go as more bearish candles are produced and the price is falling accordingly. At the moment, the price is facing the support level of $11.
The price is trading below 9 periods EMA and 21 periods EMA as an indication that the bears are in control of the AVAX market. The Relative Strength Index period (14) is at 44 levels and the signal line points down to indicate a sell signal. AVAX is struggling to break up low resistance level while Dash 2 Trade and IMPT are soaring higher.
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