AVAX price is lower with significant losses, but within a relatively known trading range. The price is making consolidating moves for the second day in a row. Investors seem indecisive near the vital support which is placed near $65.0.
AVAX price is trading within a known trading range on Tuesday. Multiple support around $65.0 makes bulls hopeful for the next move. Negative bias momentum oscillator trading warns of aggressive bids.
AVAX Price Lookout For Bullish Reversal
Source: Trade View
On the daily chart, AVAX price remains below the 50-day critical 50-day EMA (exponential moving average) at $78.0. however, the price has been trading in a ‘Rectangle’ formation since January 22. The highs have been capped on the $98.77 swing that was made on Feb. 17.
Within the formation, the price crossed the support zone around $65.0 twice and resulted in a gain of 53% and 55% respectively. This time again, the AVAX price is resting near the key level. We expect the price to bounce back to test the $80.0 upward hurdle.
If buying pressure continues, bulls will jump towards the initial moving average barrier at $78.0. Next, market participants will easily remove the psychological $80.0 as it marks the breakout of the critical 50-day EMA.
Extended buying momentum will encourage buyers to revisit the March 1 highs at $90.98.
On the other hand, a breach from the session lows will nullify the bullish arguments. On the downside, AVAX price will hit the $62.0 support.
AVAX price has been trading in a downward channel since Nov. 22 after recording all-time highs at $145.25. As of publication, XRP/USD is trading at $68.24, down 1.10% for the day.
Technical indicators:
RSI: The daily Relative Strength Index is making lower highs and lower lows while trading below the average line.
MACD: The moving average convergence divergence is trading below the centerline with a negative bias.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
This post AVAX Price Prediction: Multiple Support Around $65.0 Hints More Profit; Keep an eye on $80.0 Next
was published first on https://coingape.com/markets/avax-price-prediction-multiple-support-around-65-0-hints-more-gains-keep-eyes-on-80-0-next/
