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Avalanche Price Forecast: October 19
The Avalanche price forecast is for the market to succumb to the pressure exerted by the sellers and drop lower to $8.00.
Avalanche Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $16.00, $10.60, $9.50
Zones of Demand: $8.75, $8.00, $7.00
Bears are putting pressure on the Avalanche market to drop beyond the $8.75 support level. The price has converted to a downtrend ever since it was strongly rejected at $16.00. At the $8.75 demand level, the rate of price drop has been reduced. Nevertheless, there is huge pressure on the demand level to bulge for the price to drop lower.
Avalanche Price Forecast: AVAX/USD Outlook
Bearish forces are exerting significant pressure on the Avalanche market in an attempt to breach the $8.75 support level.
The price has been locked in a downtrend since encountering strong rejection at $16.00.
While the $8.75 demand level has slowed down the pace of the price drop, substantial pressure persists, pushing for a potential further decline.
AVAX/USD Medium-Term Trend: Bullish (4-hour chart)
In the market, trading predominantly occurs above the lower Bollinger Band, with occasional forays towards the upper Bollinger Band. The EFI (Elders Force Index) power line hovers below the zero level, nearby.
The $8.75 support level exhibits remarkable resilience as the price manages to rebound above it. Despite this, the price continues to trade near the lower Bollinger Band, as observed on the daily chart. The EFI line is on an upward trajectory but remains below the zero level. The market grapples with persistent bearish pressure, threatening to drive it down to $8.00.
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