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The Avalanche price action has gained significant traction towards higher price levels in recent times. However, the market hasn’t been able to overcome a resistance level at the $55.00 mark. The mentioned price level seems like a stronghold for headwinds, and buyers will have to put in more effort to defeat that resistance level.
Avalanche Statistics:
Current AVAX Value: $54.13
VAX Market Cap: $20,274,945,843
Avalanche Circulating Supply: 377,311,202
AVAX Total Supply: 436,000,842
Avalanche CoinMarketCap Rank: 10
Key Price Levels:
Resistance: $54.13, $55.00, and $56.00
Support: $54.00, $53.00, and $52.00
AVAX Bulls Are Engaging Bearish Forces
Price activity in the Avalanche daily market seems to have met a gridlock at the $55.00 mark. Price actions for previous but recent trading sessions are indicating that the market is having a hard time breaking the $55.00 resistance. Market forces have continued to battle hard for supremacy in the ongoing session on grounds that seem more favorable to upside forces; above the Guppy Multiple Moving Average (GMMA).
The ongoing session managed to remain bullish but not too far from bears’ reach considering the size of the corresponding price candle. The Stochastic Relative Strength Index (SRSI) indicator lines have displayed a crossover in the bought region and may signal further downward correction in this market.
Avalanche Is Trying to Wear out Market Bears
In the AVAX 4-hour market, it could be perceived that upside forces have earlier gathered a moderate upside correction. However, at this point, it could be perceived that things aren’t looking too easy for upside forces in this market at this point in time. Nevertheless, price action remains above the GMMA lines. Likewise, the SRSI indicator lines have continued to have an upward bearing from deep in the oversold region.
On the bright side, this shows that when bulls gain control, they may have the chance to take the market to considerable heights. But from a more pessimistic point of view, price action may correct further downward from here. However, traders can use bullish crypto signals; buying this dip in anticipation that price action will soon resume upside retracement towards the $60.00 mark.
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