AVAX remains under sellers’ control
Avalanche (AVAXUSD) Price Analysis – September 20
A further downward movement may take the AVAX to $16 and a bearish breakout at the mentioned support level will expose the coin to the support level of $14 and $10. The key resistance level to watch out for lies at $17, $20 and $21.
AVAX/USD Market
Key Levels:
Resistance levels: $17, $20, $21
Support levels: $16, $14, $10
AVAX/USD Long-term Trend: Bearish
Avalanche is under bears’ control. The coin was ranging within the resistance level of $20 and the support level of $17 when the price reached the just mentioned level on August 29. The buyers tried to push up the price towards the resistance level of $21. The sellers defended the just mentioned level with the formation of big daily bearish candle. The support level of $17 was broken downside and $16 level was tested.
On the daily chart, sellers are dominating the market. The price action is trying to break down the support level of $16. A further downward movement may take the price to $16 and a bearish breakout at the mentioned support level will expose the coin to the support level of $14 and $10. The key resistance level to watch out for lies at $17, $20 and $21. The Relative Strength Index (14) is moving towards the 36 levels, indicating a further downward movement.
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AVAX/USD Medium-term Trend: Bearish, TAMA Exchange Listings Soon
Avalanche performance is bearish in the 4 hour chart. The Crypto has been under the control of the bears. The resistance level of $21 withstand the pressure of the buyers. Sellers gained more pressure, this is noticed when strong bearish engulfing candle emerged. The price fall and decrease to $16 support level.
The price is trading below 9 periods EMA and 21 periods EMA as an indication that the bears are in control. The Relative Strength Index period (14) is at 34 levels and the signal line pointing down to indicate a sell signal.
Tamadoge Head of Growth Carl Dawkins spoke at a Blockchain and NFT conference as part of London Metaverse Week on Saturday, with several other TAMA holders in attendance. New crypto token presales and ICOs can often outperform bearish market conditions even if their launch day is a red day – investor sentiment, hype and optimism is highest in the early stages of a new crypto project.
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