Avalanche Price Forecast: August 17
The Avalanche price forecast is for the market to get some respite back at $10.60, which could lead to a ranging phase before further direction.
Avalanche Long-Term Trend: Bullish (1-Day Chart)
Key Levels:
Zones of supply: $12.30, $14.20, $16.00
Zones of Demand: $10.60, $9.50, $8.00
AVAXUSD has not been able to recover from the $12.30 level and is still being impacted by buyer activity. The market is attempting to recover from a decline to $10.60, which was caused by a double-top bearish pattern. After swiftly recovering from the support at $10.60, the price reached $16.00. However, increasing bearish pressure led to a decline back to $12.30. Ultimately, the coin could not maintain its position and slipped back toward $10.60.
Avalanche Price Forecast: AVAX/USD Outlook
After an unsuccessful attempt at recovery, AVAXUSD struggled to stay above $12.30 and has now fallen toward the support level of $10.60.
The price first dropped to $10.60 in June due to a double-top bearish pattern; it immediately rebounded to reach the $16.00 resistance.
However, mounting bearish pressure led to a decline to $12.30, ultimately slipping toward $10.60. The prolonged presence of the Parabolic SAR (Stop and Reverse) above the daily candles from mid-July until now indicates substantial selling pressure.
AVAX/USD Medium-Term Trend: Bullish (4-hour chart)
This bearish sentiment is corroborated on the daily chart by the MACD (Moving Average Convergence Divergence) lines crossing below the zero level and accompanied by bearish histogram bars.
The short-term outlook remains bearish, with deep negative MACD lines and Parabolic SAR dots above the 4-hour candles. Despite the prevailing bearish sentiment, the coin might find stability at the $10.60 support level, potentially leading to a consolidation phase.
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