Avalanche Stabilizes Above $22.50 As Traders Remain Uncertain

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Avalanche Stabilizes Above $22.50 As Traders Remain Uncertain

The price of Avalanche (AVAX) has held below the moving average lines but above the $22.50 support.

Avalanche price long-term analysis: bearish

AVAX has stabilized above the $22.50 support and remains marginal. On February 3, as reported by Coinidol.com, the altcoin fell to a low of $15 as bulls bought the dips. The cryptocurrency value has continued to move sideways above $22.50 for the past two weeks. The altcoin is currently trading at $22, its lowest price.

However, since November 4, 2024, the bulls have protected the current $22 support level. However, if the $22 support is broken, the negative trend will return. The altcoin will fall back to the low of $15.00. The altcoin is rising today as it approaches the 21-day SMA. If AVAX breaks the 21-day SMA, the uptrend will resume. The 50-day SMA barrier will be reached by bullish momentum. The bullish momentum will extend to the high of $44 if the 50-day SMA is broken to the upside. AVAX is currently at $26.

Analysis of the avalanche indicator

The downward moving average lines are located above the price bars. The price bars are below the 21-day SMA but are consolidating above the support at $22.50. The price bars on the 4-hour chart are above and below the horizontal moving average lines. The doji candlestick is evident, but traders remain uncertain.

Technical Indicators:

Key Resistance Levels – $60 and $70

Key Support Levels – $30 and $20

What is the next direction for Avalanche？

AVAXs price is moving sideways on the 4-hour chart, fluctuating between $23 and $28. As doji candlesticks are present, the price bars are moving gradually. The descent of the price bars between the moving average lines indicates that the price movement is limited.