Avalanche Price Forecast: August 3
The Avalanche price forecast is for the market to keep descending towards the $10.60 support level after bulls couldn’t hold above the $13.40 – $14.20 zone.
Avalanche Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $14.20, $21.50
Zones of Demand: $10.60, $8.00
The market sentiment favours Avalanche bulls as they attempted to reverse the bearish impact that had driven the market down to the $10.60 demand level. The bullish movement showed promising progress as it steadily ascended, reaching the resistance range of $13.40 – $14.20. While there was an effort to break through this resistance zone, the buyers could not sustain the upward momentum, resulting in a subsequent market decline towards the $10.60 level.
Avalanche Price Forecast: AVAX/USD Outlook
Initially, the market experienced a bearish double-top formation, which caused a crash to the $10.60 demand level. Subsequently, a bullish movement sought to overturn the market’s bearish sentiment.
The coin sought to ascend steadily, reaching the resistance zone at $13.40 – $14.20. While the price managed to break through this resistance zone, the buyers could not sustain the momentum.
The result is a market slump to the $12.30 significant level. Hence, over a few weeks, the price transitioned from pushing against the upper Bollinger Band to falling below the $13.40 – $14.20 market zone and approaching the lower Bollinger Band.
AVAX/USD Medium-Term Trend: Bullish (4-hour chart)
This downward movement also affected the daily RSI indicator, shifting it from the bullish half towards the oversold region within the same timeframe. On the 4-hour chart, pressure is obviously on the lower Bollinger Band as the coin’s decline continues.
The RSI line on the 4-hour chart has descended to the point of testing the oversold border. The price level of $12.30 is critical, and any further drops below this level will signal a potential regression back to the $10.60 demand level.
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