Avalanche Moves Sideways Above $12

The price of Avalanche (AVAX) has moved sideways since November 21, holding above the $12 support level.

Avalanche price long-term analysis: ranging

Buyers have consistently defended this support over the past two weeks. Bulls have bought the dip each time the price has tested the $12 support.

On the upside, bullish momentum has twice pushed the price above the 21-day SMA, but resistance at $15 has halted further gains. Currently, the altcoin is trading above the $12 support but below the $15 resistance. The positive trend will resume if buyers keep the price above the 50-day SMA. Today, the altcoin is rising after reaching a low of $12.84. AVAX is currently valued at $13.44.

Technical Indicators:

AVAX price indicator analysis

The price bars are fluctuating both below and above the 21-day SMA. The 21-day and 50-day SMAs have dropped significantly towards the bottom of the chart. Doji candlesticks remain the dominant price action pattern. On the 4-hour chart, the price bars are positioned below the horizontal moving average lines.

What is the next direction for AVAX？

AVAX is now trading near the bottom of the chart. The cryptocurrency is in the markets oversold territory. Buyers are expected to be attracted to this region, potentially driving prices higher.

Today, the price has declined and is consolidating above the current $12 support. AVAX will begin to trend upwards once it breaks through the $15 resistance and the 50-day SMA.