Avalanche Price Analysis – May 7
The Avalanche price is recording a downtrend of 1.52% within the last 24 hours as the coin declines to a $55 low.
AVAX/USD Market
Key Levels:
Resistance levels: $75, $80, $85
Support levels: $40, $35, $30
As the daily chart reveals, AVAX/USD is following the downward movement as the coin stays below the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) shows increasing bearish momentum as the signal line prepares to cross into the oversold region, indicating that the market sentiment is already bearish.
Avalanche Price Analysis: Avalanche (AVAX) May Break More Downsides
The daily chart reveals that the AVAX price is changing hands at $56.11 where it faces down. In the meantime, if the coin breaks above the 9-day and 21-day moving averages, it may begin its upward movement which could retest the previous high. However, the nearest resistance levels could be located at $75, $80, and $85 while the support levels lie at $40, $35, and $30 respectively giving a high bearish trading volume.
AVAX/BTC Market: Price Heads to the South
When compared with Bitcoin, AVAX/BTC has been under the 9-day and 21-day moving averages to keep the bearish run. Meanwhile, crossing below the lower boundary of the channel may hit the nearest support level at 1500 SAT and then locate further key support at 1400 SAT and below if the sell-off later becomes huge.
However, on the upside, if the bulls can push the price above the 21-day moving average, the Avalanche price could face the 1700 SAT resistance. Any further resistance lies at 1800 SAT and above while the signal line of the Relative Strength Index (14) moves below the 40-level and this may continue to bring more bearish signals into the market.
