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NewsBTC 2022-09-26 21:32:08

Avalanche Struggle To Break Downtrend, Is $20 Mark Possible?

AVAX price ranges below 50 and 200 EMA on the daily timeframe. Price continues to maintain a downtrend as it aims to break out to the $20 range. AVAX price closes attempting to break out of its downtrend on low timeframe. Avalanche (AVAX) price has failed to sustain its head high above the blood bath of the bear market against tether (USDT). With what proved to be a major run for the price of Avalanche (AVAX) from a low of $10 to a high of $145, many predicted the AVAX project causing a major upset for many crypto projects. The statistics from the coupled Consumer Price Index (CPI) and Federal Open Market Committee (FOMC) have affected the market negatively, with AVAX prices not exempted. (Data from Binance) Related Reading: Polkadot Price Watch: What A Drop In This Key Area Can Mean For DOT? Avalanche (AVAX) Price Analysis On The Weekly Chart The price of AVAX has continued to decline as there seems to be no hope of a major bounce after losing its weekly support of $25 as the price looks to reclaim its $10 support on the weekly chart. The price of AVAX continues to hold above a key support area of $10; the price of AVAX needs to break its downtrend that has been maintained for weeks. A break would see the price retesting $20-$25. For the price of AVAX to restore its relief, the price needs to break and hold above the $20 resistance preventing the price of AVAX from trending higher. If the price of AVAX keeps rejecting $20, we...

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