Avalanche Price Tumbles Again! AVAX Price To Record 10% Correction Soon?
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The post Avalanche Price Tumbles Again! AVAX Price To Record 10% Correction Soon? appeared first on Coinpedia Fintech News
The crypto industry continues to display significant price volatility, highlighting increased selling and buying pressure in the market. Further, the AVAX price continues to record constant correction, indicating a bearish influence in the space.
The Avalanche price traded in a closed range between $45 and $50 for a period, after which the market lost momentum and the price experienced a breakdown.
Following this, the AVAX coin price traded in a consolidated range between $40.01 and $42.50 for a brief time. After facing rejection at $42.50, the AVAX price recorded a correction of over 25% in valuation.
The bulls made multiple attempts to break out but the bears held the price strong, indicating a bear power in the market. After multiple attempts, the bulls successfully broke out of the range.
Since then, the price has been constantly trading in a consolidated range between $35 and $40.01. Recently, the bulls lost momentum, resulting in a breakdown in the chart.
Will AVAX Price Rise Back Up?
The Moving Average Convergence Divergence (MACD) displays a constant red histogram, indicating increased selling pressure in the crypto industry. Moreover, the averages show a bearish trend, suggesting the price will continue undergoing correction before a rebound in the coming time.
If the market pushes the AVAX price above the resistance level of $35, the bulls will regain momentum and test its upper resistance level of $40.01 soon. Further, if the market holds the Avalanche token at that level, it will prepare to test its resistance level of $42.50 during the coming week.
Negatively, if the market fails to gain momentum, the Avalanche price will fall to test its support level of $30. Moreover, if the bears continue to hold power over the industry, the price will prepare to test its lower support level of $27.46 in the coming time.
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