Avalanche's (AVAX), after hitting a low at $17.35, is now trading below the moving-average lines.

Avalanche Price Analysis: Bearish

The $28 resistance level halted the upward momentum. The cryptocurrency now has a trading range between $20 to $28.

CryptoGuestPosts has reported that the cryptocurrency's price fluctuated over the last three weeks while the trend was still being determined. The price indicator has indicated a possible decline in AVAX. AVAX will fall, then reverse direction at the Fibonacci extension of 1.272 or $11.

Altcoins have fallen into a lower price range. AVAX could fall to the 1.272 Fibonacci Extension or $11 in the event that the bears breach the current support of $20. Altcoin's current value is $23.61.

Avalanche Indicator Analysis

AVAX has retraced moving average lines on the daily chart. The altcoin will be forced to move within a certain range for the next few days. The cryptocurrency will start a trend when the moving averages break. On the weekly chart the moving averages show a bearish cross-over, with the SMA 21-day falling below the SMA 50-day. This is a negative signal.

Technical Indicators

Resistance levels - $60 and $70.00

Support levels - $30 and 20

What's the future direction of Avalanche?

Avalanche has returned to its sideways movement after the August 5 drop. Bulls halted the drop above the $20 resistance before continuing the uptrend. The upside correction is still stuck at the $28 high. This has resulted in a choppy cryptocurrency movement.

Disclaimer. Disclaimer. This analysis and forecast is the author's personal opinion. These are not recommendations to buy or trade cryptocurrency, and should not be seen as endorsements by CryptoGuestPosts. Before investing in funds, readers should conduct their own research.