Avalanche Price Forecast: October 12
The Avalanche price forecast is for further market plunge after the coin struggles to attain the $12.30 significant level.
Avalanche Long-Term Trend: Bullish (1 Day Chart)
Key Levels:
Zones of supply: $10.60, $9.50
Zones of Demand: $8.00, $7.00
The AVAXUSD bulls have failed to hit the ground running and the coin could now drop to even greater depths. The downward plunge of the market started upon the rejection at $21.50. The market has since been sliding downwards despite all the frantic efforts to stabilize the price. The latest setback saw the price fail to attain $12.30 before dropping off. The coin is anticipated to keep following the descending trendline to lower prices.
Avalanche Price Forecast: AVAX/USD Outlook
AVAXUSD bulls are facing a challenging time initiating a recovery, which could lead to further price declines.
The market’s descent began when it failed to break above $21.50, resulting in a prolonged downward trend. Despite efforts to stabilize the price, the latest setback saw AVAXUSD unable to surpass $12.30.
This development suggests that the coin might continue following the descending trendline towards lower price levels.
AVAX/USD Medium-Term Trend: Bullish (4-hour chart)
Looking at the daily chart, the price briefly touched the upper boundary of the Bollinger Band before retracting, eventually dipping below the middle Band. Additionally, the daily Stochastic Oscillator lines have dropped significantly, transitioning from overbought to oversold territory.
On the 4-hour chart, the candlesticks have descended further, approaching the lower Bollinger Band due to selling pressure. The Stochastic Oscillator lines have re-entered the oversold zone, with fluctuating movements. It appears that AVAXUSD may experience additional declines influenced by seller activity.
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