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Avalanche Price Forecast: May 2
The Avalanche price forecast is further downward movement if the buyers don’t increase their intensity to end the market indecision.
Avalanche Long-Term Trend: Bullish (1 Day Chart)
Key Levels:
Zones of supply: $36.80, $45.30, $65.50
Zones of Demand: $33.60, $30.30, $23.60
The Avalanche march is still undecided on its next move from the $33.60 significant level. By early February, the coin was also at this level but was taking a rally from the level as the buyers were firmly in charge of the market. The market ascent continued into mid-March when the price hit the $65.60 resistance level. There was instant rejection and the buyers grew weaker and weaker allowing the sellers to undo the progress and drive the market back to $33.60.
Avalanche Price Forecast: AVAX/USD Outlook
The Avalanche market remains in a state of indecision, with its trajectory yet to be determined from the $33.60 significant level.
Earlier in February, the coin found itself at this level, embarking on a rally driven by robust buyer activity. However, momentum shifted by mid-March when the price encountered resistance at $65.60.
The $65.60 rejection prompted a swift rejection and subsequent weakening of buyer presence. This downturn led to a retracement back to the $33.60 level.
AVAX/USD Medium-Term Trend: Bullish (4-hour chart)
Presently, the market is characterized by a lack of clear direction, with buyers exhibiting some resurgence but failing to assert complete dominance. Consequently, a tug-of-war ensues at the $33.60 price point. Notably, the MA period 20 (Moving Average) remains positioned above the daily candles, signaling ongoing bearish pressure, while the Stochastic Oscillator lines oscillate within the bearish territory below the 50 mark.
Similarly, on the 4-hour timeframe, the MA period 20 maintains its dominance above the 4-hour candles, reflecting the prevailing bearish sentiment. Meanwhile, the Stochastic Oscillator lines oscillate between overbought and oversold conditions, albeit predominantly favoring the oversold region. As the market teeters on the edge of uncertainty, traders eagerly await crypto signals that may provide clarity on the next directional move.
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Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, presented product, or event. We are not responsible for your investment results.
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