Avalanche Price Forecast: May 30
The Avalanche price forecast is for the market to fall to the $33.60 support to further diminish the validity of the breakout from the bullish reversal structure.
Avalanche Long-Term Trend: Bullish (1 Day Chart)
Key Levels:
Zones of supply: $36.80, $42.40, $50.10
Zones of Demand: $33.60, $30.30, $26.20
The Avalanche market is gradually conceding to the sellers after the price fails to immediately spring up after its initial retracement. Before now, just as the coin drops from a rising trendline, it forms a triple bottom bullish reversal structure to restart its upward ascendency. However, after the breakout, the pullback is dropping lower than anticipated and it could mean the sellers have taken advantage of the market.
Avalanche Price Forecast: AVAX/USD Outlook
The Avalanche market is currently experiencing mounting pressure from sellers, evident in its gradual concession following an initial retracement.
Previously, the coin exhibited a triple-bottom bullish reversal structure after descending from a rising trendline, signaling a potential resurgence.
However, the subsequent breakout failed to prompt the anticipated upward momentum, suggesting sellers may have seized market control.
AVAX/USD Medium-Term Trend: Bullish (4-hour chart)
The market has now slipped below the $36.80 level, previously anticipated as a bounce-back point. Currently, the MA period 20 (Moving Average) serves as the final bastion of support before a potential descent to $33.60, at which point the validity of the reversal structure diminishes. Notably, the EFI (Elders Force Index) power line hovers around the equilibrium line, indicating a gradual relinquishing of control by buyers to sellers.
Zooming in on the 4-hour timeframe, the price has dipped below the MA period 20, now positioned directly above the candlesticks, exerting downward pressure on the market. Concurrently, the EFI indicator reflects negativity as the power line descends further below the zero level. Failure to reclaim $36.80 may signify a breakdown in the market structure, potentially leading to further downward movement as sellers intensify their influence.
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