AVAX Price Recovers 5.62% Amid a Month of Sharp Declines
Holder confidence is being damaged by the sharp decline in the price of AVAX, but there is still hope because a moving average retest is imminent. The market price of Avalanche cryptocurrency is $36.04 at the moment, which is a change of +5.62% over the last 24 hours. This is in the midst of a -28.34% month-over-month decline, the worst of which happened during last week’s -20.8% plunge as Bitcoin severely damaged altcoin markets’ confidence globally.
AVAX Targets $30.80 Retest Zone as Price Action Nears Key Support
The price of AVAX is currently trading at lower-level historical support, staying inside the HTF range. The 200DMA, which has converged with historical support at $30.80 to highlight a significant retest zone above $30, appears to be the target of price action as it appears intent on a clear crash course. If Avalanche can push back above a descendant 20DMA (now at $38), a significant rebound from the $30 price level may lead to a long-term return to bullish form.
Considering that the Avalanche RSI indicator has significantly cooled off during the recent decline, such a move appears likely. It currently has a strong bullish signal at 37.72, indicating that a positive reversal may occur shortly. The worst-case scenario forecasts place AVAX in danger of retesting the lower trendline support at $25, but holders shouldn’t be alarmed just yet.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment