AVAX Bounces Off $20 Resistance Level

AVAX remains under Bears’ control in Avalanche market

Avalanche (AVAXUSD) Price Analysis – November 03

Avalanche has broken up the resistance level of $16 and $14. A further bullish movement may take the price to $20, which may extend to $21 and $23 levels. When sellers gain more momentum, price may further decrease to $16, $14 and $12 support levels.

 AVAX/USD Market

Key Levels:

Resistance levels: $20, $21, $23

Support levels: $16, $14, $12

AVAX/USD Long-term Trend: Bearish

Avalanche is on the bullish movement. The coin was under bears’ control three weeks ago.  The coin reach the low of $14 support level. Sellers’ pressure was not enough to break down the barrier at the just mentioned level. Avalanche price bounced up due to an increase in the buyers’ pressure. Price broke up the former resistance level of $16 and increases to $20 level. It is currently pulling back towards the support level of $16.

On the daily chart, buyers are dominating the market. Avalanche has broken up the resistance level of $16 and $14. A further bullish movement may take the price to $20, which may extend to $21 and $23 levels. When sellers gain more momentum, price may further decrease to $16, $14 and $12 support levels.

AVAX/USD Medium-term Trend: Bearish

Avalanche performance is bearish in the 4 hour chart. Seller opposed the buyers at the resistance level of $20. The price bounced up from $14 support level. Sellers would not let Avalanche go as more bearish candles are produced and the price is falling accordingly. At the moment, price is facing the support level of $16.

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 42 levels and the signal line pointing down to indicate a sell signal.