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.
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