Avalanche Price Forecast: AVAXUSD Faces Selling Pressure as Price Retreats

Avalanche Price Forecast – August 1

Avalanche price forecast suggests buyers will need to fight back against bearish sentiment.

AVAXUSD Long Term Trend: Bearish (1-Day Chart)
Key Levels

Support Levels: $24.599, $21.970
Resistance Levels: $33.590, $37.420

The AVAX cryptocurrency has been experiencing a significant price drop, with buyers struggling to maintain their grip on the market. After failing to breach the crucial $33.500 resistance level, the sellers have regained control and are now targeting a breakdown below the $24.590 price zone.

Avalanche Price Forecast: AVAXUSD Outlook

The buyers showcased great resolve since the beginning of July, attempting to drive the AVAX price higher. However, the bears have recently taken charge, pulling the price down from the $42.160 market area to the $21.970 level. This sharp decline has been followed by a period of ranging market activity, with the buyers showing signs of a potential reversal.

Unfortunately, the buyers’ efforts to breach the $33.490 price level have been unsuccessful. As a result, the sellers appear poised to push the price below the $24.590 significant support level.

The Money Flow Index (MFI) is signaling a breach into the sell area, indicating increased selling pressure in the market. Additionally, the Relative Strength Index (RSI) remains on a downward trajectory, suggesting that the sellers are maintaining their dominance over the buyers.

Avalanche Medium Term Trend: Bearish (4-hour chart)

If the sellers can successfully break below the $24.590 support level, it could trigger further downside momentum in the AVAXUSD market.
The MFI and RSI suggest that selling pressure remains dominant in the AVAXUSD market in the short term. It is likely to see sell pressure overwhelm the Avalanche market for a prolonged period. For traders utilizing crypto signals, understanding these key levels and market indicators is crucial for making informed trading decisions.

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