AVAX remains under Bears’ control

Avalanche (AVAXUSD) Price Analysis – October 12

Avalanche has broken down the support level of $16 and $15. A further bearish movement may take AVAX to $14, which may extend to $12 and $13 levels. Above the current price are barriers found at $15, $16 and $20 resistance levels.

AVAX/USD Market

Key Levels:

Resistance levels: $15, $16, $20

Support levels: $14, $12, $10

AVAX/USD Long-term Trend: Bearish

Avalanche is on the bearish movement. The coin is under bears’ control since August 14.  The coin reach the high of $29 resistance level. Buyers’ pressure was not enough to break up the barrier at the just mentioned level. Avalanche price falls due to an increase in the sellers’ pressure. Price reached $16 support level and consolidate for few days before sellers’ pressure increased and AVAX exposes to $14 support level.

On the daily chart, sellers are dominating the market. Avalanche has broken down the support level of $16 and $15. A further bearish movement may take the price to $14, which may extend to $12 and $13 levels. Above the current price are barriers found at $15, $16 and $20 resistance levels.

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AVAX/USD Medium-term Trend: Bearish

Avalanche performance is bearish in the 4 hour chart. Seller would not let Avalanche go as more bearish candles are produced and the price is falling accordingly. There was a pullback that pushed the price to test $21 resistance level on 21 September. Sellers opposed the increase and price reduces further.

The price is trading below 9 periods EMA and 21 periods EMA as an indication that the bears are in control of AVAX market. The Relative Strength Index period (14) is at 29 levels and the signal line pointing down to indicate a sell signal.