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.
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.
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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/