Avalanche Price Forecast: AVAXUSD Bears Control Market, Expect Further Decline

Avalanche Price Forecast: June 22

The Avalanche price forecast is for the market to be vulnerable to dropping further due to the execution of a bearish structure.

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 Avalanche market saw a drop of about 80% just over a year ago. The price drop occurred over the space of 3 months, from April to June 2022. There have since been some attempts to push the market profile up again, but it has been somewhat sluggish. The best attempt came in August 2022, when the price rose to $30.30, only to be rejected. And with the execution of a double-top bearish structure, the price could fall further.

Avalanche Price Forecast: AVAX/USD Outlook

Avalanche made a drop of more than 85% last year. The coin hasn’t been able to regain its lost ground. The best attempt by the buyers ended up with a rejection at the $30.30 resistance level.

The second major attempt came early this year when the price rose from $10.60 but was limited to $21.50. The price dropped to $14.20 and rose back to $21.50, giving rise to a bearish formation.

The result is that the coin plummets back to $10.60. The MACD (Moving Average Convergence Divergence) line has dropped below the zero level, although, there is a positive upward cross.

AVAX/USD Medium-Term Trend: Bullish (4-hour chart)

The MA period 40 (Moving Average) now hangs above the trading price. Thereby constituting an additional barrier to the price rise on the daily chart. However, the coin has traded above the MA already on the 4-hour chart as it rises towards $14.20.

The MACD lines on the 4-hour chart have risen back above the zero level, accompanied by bullish histogram bars. The coin is expected to enter into consolidation between $14.20 and $10.60 before market forces determine the market direction. The market is hanging in the balance, but the bears may have the upper hand due to the latest blow against the price.

 

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