Avalanche Price Forecast: AVAXUSD Continues to Test Resistance at $13.40

Avalanche Price Forecast: July 13

The Avalanche price forecast is for the market to keep battling to breach the $13.40 resistance level that has kept it at bay since June 20.

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 sellers won a ding-dong battle in which the market formed into a double top bearish reversal formation to plunge the market beyond the $13.40 price zone. The drop ended at the $10.60 demand level, where the buyers have recovered and are trying to build upward again. The same $13.40 price zone remains a limiting factor.

Avalanche Price Forecast: AVAX/USD Outlook

The $13.40 price zone, whose influence stretches to $14.20, is a major psychological zone in the market. It also kept the price from dropping, the bullish structure could breach it.

Now that the market has plunged below the $13.40–$14.20 psychological zone, attempts for recovery are also meeting strong resistance. The price has been rejected about two times already.

The bulls remain persistent nonetheless and have dug deeper into the zone, though it looks like another rejection. The odds are on the bulls’ side as the Parabolic SAR (Stop and Reverse) dots remain aligned below the daily candles.

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

The RSI (Relative Strength Index) indicator has its line undulate vigorously around the middle line as the market attempts to break free of the psychological zone. The indication is that there is a bias toward the bulls.

On the 4-hour chart, the RSI line has risen to the overbought border and has just dropped back to the middle line as the price resists at $14.20. Nevertheless, the bulls are raring to go, and the candles are rising again. The drop of the Parabolic SAR dots below the 4-hour candles will confirm another strong attempt for a breakout towards $18.20.

 

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