Avalanche Price Forecast: Bears Weigh In Heavily on the AVAX market

Avalanche Price Forecast: January 4

The Avalanche price forecast is for the sellers to push the price a bit more before the buyers revive to retake control of the market.

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

Key Levels:
Zones of supply: $45.30, $51.60
Zones of Demand: $36.80, $30.30

Since making a major surge that peaked on ‘Boxing Day’, the 24th of December last year, the sellers have been weighing heavily on the market. AVAX’s price rose to the $50.10 resistance level, where it suffered instant rejection. This led to a plunge towards the $36.80 support level. An attempt to rally shortly after was quickly terminated, and the price dropped more, even piercing through $36.80 before recovering back above it.

Avalanche Price Forecast: AVAX/USD Outlook

Bears exert significant influence on the AVAX market following a notable surge that peaked on December 24th last year.

Despite reaching the $50.10 resistance level, the market faced immediate rejection, causing a decline to the $36.80 support level.

Subsequent attempts to rally were short-lived, with the price briefly piercing through $36.80 before recovering.

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

The Moving Average period 20 (MA) on the daily chart has positioned itself above the candlesticks, impeding upward momentum. The Stochastic Oscillator’s substantial descent into the oversold region further confirms the prevailing bearish pressure.

Examining the 4-hour timeframe, the MA period 20 continues to act as a formidable barrier above the candlesticks, hindering any potential price increase. The Stochastic Oscillator lines predominantly reside in the bearish zone, and any attempts at an upward movement swiftly retreat from overbought conditions to the oversold border. The market remains under bearish pressure, suggesting a potential further decline to $30.30.

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