• AVAX price continues to slide despite broader bullish momentum across the cryptocurrency market.
  • Coinbase ‘curse’ continues to weigh in on current price action.
  • New all-time highs are likely if AVAX can return to and move above $66.

AVAX price remains one of the best performing altcoins during the second half of 2021. But its price action over the past two weeks leaves much to be desired and could be a warning of sustained congestion or a future correction. A return to $66 would confirm a resumption of the uptrend.

AVAX price struggles to maintain gains

AVAX price continues to show weakness as it moves below the daily Tenkan-Sen and Kijun-Sen. However, if the current buying pressure is sustained throughout the remainder of the trade session, AVAX may return above the Kijun-Sen. That would provide some excellent short-term support for any nervous bulls.

Ultimately, a close above the Tenkan-Sen at $66 would likely renew confidence among buyers that new higher moves are likely. The Tenkan-Sen has acted as a stiff resistance level for the past ten trading days, so any close above could change the short-term outlook considerably. Moreover, above the $66 value area, bulls will likely target a close above the most recent swing highs above $70.

AVAX/USD Daily Ichimoku Chart

Bears could quickly invalidate any bullish options by closing AVAX price below the Kijun-Sen. Bulls would likely look for the 38.2% Fibonacci retracement at $55 as support. Short sellers would likely have enough momentum to test the 50% Fibonacci retracement and substantial psychological number value at $50. Bulls should beware of the thin volume profile between $63 and $58 – expect fast moves through those value areas.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto.com price consolidates, forecasting a 22% rally for CRO holders

Crypto.com price consolidates, forecasting a 22% rally for CRO holders

Crypto.com price seems to have undone its breakout gains seen in the last week of September. This downtrend has morphed into a tight consolidation showing no volatility. Investors can take their eyes off CRO as long as this trend continues.

More Crypto.com news

Ethereum Classic price could bounce 10% if the conditions are perfect

Ethereum Classic price could bounce 10% if the conditions are perfect

Ethereum Classic price has started to turn around after weeks of downtrend and sell-off, but there is still more room to cover. Therefore, investors need to be careful as this ongoing spurt in bullish momentum could take a U-turn quickly. 

More Ethereum Classic news

Chainlink Price Prediction: LINK hints at a sweep-the-lows event targeting $5.70

Chainlink Price Prediction: LINK hints at a sweep-the-lows event targeting $5.70

Chainlink price has been producing higher lows since June. The Volume Profile Indicator shows bears have regained control of the higher time frames. Invalidation of the bearish thesis is a breach above $10, which could trigger an additional rally towards $12.

More ChainLink news

Bitcoin headed into recovery, rising above $20,000 as Whales begin reaccumulation

Bitcoin headed into recovery, rising above $20,000 as Whales begin reaccumulation

The crypto market has been in a suspended state for the last couple of months, and that effect does not seem to have gone away. Micro fluctuations do take place every now and then. However, on the macro time frame, crypto assets need a major boost.

More Bitcoin news

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin: BTC’s Q3 close and what to expect in Q4?

Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022. 

Read full analysis

BTC

ETH

XRP