Avalanche Price Forecast: AVAXUSD Resurgence Hits Another Stumbling Block

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Avalanche Price Forecast: February 22

The Avalanche price forecast is for buyers to strive to overcome the barrier at $42.40 to continue rallying.

Avalanche Long-Term Trend: Bullish (1 Day Chart)

Key Levels:
Resistance Level: $42.40, $45.30, $50.00
Support Level: $30.30, $33.60, $36.80

The Avalanche market has hit another stumbling block in its rally. After languishing below the $14.20 price level for several months in 2023, the market kicked off an unprecedented rally that rose more than 240% in 6 weeks. Afterward, the bulls became deeply exhausted at $50.10, allowing the bears to also take their toll on the price. Nevertheless, the market resurgence began again after the price reversed at $26.20. A steady upward movement has now hit another stumbling block at $42.40

Avalanche Price Forecast: AVAX/USD Outlook

The Avalanche market, after an extensive consolidation below the $14.20 level throughout 2023, initiated an unprecedented rally, surging over 240% within six weeks.

However, exhaustion among the bulls ensued at $50.10, leading to a significant retracement.

The market’s resurgence, catalyzed by a reversal at $26.20, encountered a fresh stumbling block at $42.40.

AVAX/USD Medium-Term Trend: Bullish (4-hour chart)

On the daily chart, following the reversal at $26.20, the price exhibited a steady upward trajectory, surpassing the MA period 40 (Moving Average). Despite a pullback from $42.40, the market retains its position above the MA 40. However, the MACD (Moving Average Convergence Divergence) lines, which initially rose above the zero level during the resurgence, have now crossed downward, indicating a potential descent below the zero level.

Examining the 4-hour timeframe, the price has descended significantly below the MA period 40, which now serves as a formidable barrier above the market candles. The MACD lines have plummeted beneath the zero level, accompanied by bearish histogram bars. Crypto signals suggest a challenging phase, but bulls remain hopeful of overcoming the hurdle and reclaiming the $50.10 price level.

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