Avalanche Price Forecast: Exhausted AVAXUSD Bears Hinder Market Resurgence

Avalanche Price Forecast: August 31

Avalanche price forecast is for the market to take up a consolidation position as the bears aren’t allowing the buyers to influence the market.

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

Key Levels:
Zones of supply: $14.20, $21.50
Zones of Demand: $10.60, $8.00

AVAXUSD dropped to its lowest level ever when it also suffered from the global cryptocurrency bearish blow. The price dropped below the significant demand level of $10.60. However, at this point, the bears have become exhausted. Nevertheless, they are permitting the bulls a free run to influence the market. The tussle has begun as the price begins to haggle the $10.60 level, which is presently acting as a resistance. Avalanche will try to climb and stabilize above the $10.60 level.

Avalanche Price Forecast: AVAX/USD Outlook

The AVAXUSD market is about to go into accumulation despite the bearish pressure waning after reaching its all-time lowest level amidst a global downturn in cryptocurrency values.

The price has thus far descended below a crucial support level of $10.60. Right now, the bears are exhausted, and the bulls are trying to take advantage to assert their influence on the market.

The price is trying to negotiate the $10.60 threshold, which is presently functioning as a resistance level, but the price has dropped back below it. Avalanche will try to surpass the $10.60 mark before embarking on further ascension.

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

A notable lack of price direction is indicated by the alternating Parabolic SAR dots, swiftly switching around the daily candlesticks. Additionally, the Momentum indicator on the daily chart, which initially exhibited a rise, has bent to a lateral movement, showing agitation in the market momentum.

A retracement is evident on the 4-hour chart, characterized by candlesticks dipping below the $10.60 level, resulting in the Parabolic SAR shifting above the candles. The upward trajectory of the Momentum indicator has also receded. Consequently, it is projected that the coin will accumulate, thereby maintaining its position between the $10.60 and $9.50 thresholds.

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