AVAX Präis Tester Dräi-Mount Lows; Ass Reversal an Offer?

AVAX Präis remains on tough ground falling more than 40% in the April series. The price started the series on a lower note and continued to drift lower indicating the ignorance of the AVAX buyers. The recent downswing pushed it towards a long-standing support zone formulating a make or break zone.

• AVAX price fell for the third straight session on Saturday.
• A reversal is expected in the extreme oversold market conditions as the price approaches January lows.
• But the downside risk is still intact upon a daily candlestick below $60.0.

As of writing, AVAX/USD is trading at $60.41, down 4.72% % for the day. The 24-hour trading volume of the cryptocurrency is standing at $499,944,037 as updated by the CoinMarketCap.

 AVAX price trades near an inflection point

AVAX price dropped considerably as the April session begins. After tagging the highs of $104.0 on April 2. The price booked 42% depreciation. Further, looking at the daily chart, we found AVAX has been consolidating in a short-term trading range of $106 and $60 with both sides capped. The price constructed a reliable support zone around $60.0 extending from January 22 to April 30.

As per the previous pattern, with a resurgence in the buying momentum, the price could jump back to the 50-day EMA (Exponential Moving Average) at $78.09. Furthermore, an extended buying could bring $90.0 into play.

On the flip side, if the AVAX price failed to sustain the session’s low on weekly basis, there is a strong chance of the continuation of the prevailing trend. In such a case, AVAX price could fall to the lows of $54.0 last seen in October.

Technesch Luucht

RSI: The Relative Strength Index (RSI) approaches the oversold zone falling from the average line. The extreme oversold market condition could result in a bounce-back in the price.

Rekha huet als Forex Maart Analyst ugefaang. Fundamental Neiegkeeten analyséieren an hiren Impakt op d'Maartbewegung. Méi spéit entwéckelt en Interesse an der faszinéierender Welt vun der Krypto Währung. Tracking de Maart mat techneschen Aspekter. Entdeckt On-Chain Analyse fir de Maart ze verfolgen.

Dee presentéierten Inhalt kann d'perséinlech Meenung vum Autor enthalen an ass ënner Zoustand vum Maart. Maacht Är Maartfuerschung ier Dir a Kryptowärungen investéiert. Den Autor oder d'Publikatioun huet keng Verantwortung fir Äre perséinleche finanzielle Verloscht.