The AVAX price was bearishly rejected at the Golden Ratio resistance. Is the AVAX price now returning to the annual low at around 14 USD?
The AVAX price could bounce bullish at around 20 USD
AVAX Price Chart from Tradingview
The AVAX price was bearishly rejected at the Golden Ratio resistance at around $ 29 and broke the 50-day EMA at the 0.382 Fib support at around $25. Thus, the Avalanche price could now return to the Golden Ratio support at around $ 20 to bounce off it strongly.
However, the MACD does not give any bullish signals in the daily chart. Instead, the histogram is ticking bearishly lower and the MACD lines are also crossed bearishly. Meanwhile, the RSI is neutral, but is approaching oversold regions.
AVAX price could return to around 14 USD
AVAX Price Chart from Tradingview
On the weekly chart, however, the MACD is still clearly bullish, because the histogram is still ticking bullish higher and the MACD lines are still crossed bullish. The RSI is also neutral here.
If AVAX bounces bullish at around $ 20, there is still hope for a continuation of the upward movement and, if necessary, a break in the Golden Ratio resistance at around $ 29.
Otherwise, the Avalanche rate could return to the annual low at around 14 USD.
Bearish rejection of Golden Ratio confirms bearish trend
AVAX Price Chart from Tradingview
Finally, the bearish rejection at the Golden Ratio resistance confirms the bearish trend and AVAX will only find significant support again between $ 9.3 and $ 14 if the Golden Ratio support breaks at around $ 20.
Against BTC, the AVAX price could bounce now
AVAX Price Chart from Tradingview
Also against BTC, the MACD is still clearly bullish on the weekly chart, because the histogram continues to tick bullish higher and the MACD lines are still crossed bullish.
But again, the AVAX price was bearishly rejected at the Golden Ratio resistance, which intersects the 50-week EMA at around 0.00125 BTC.
AVAX is currently hitting support at around 0.0010186 BTC and if this Fib level is broken bearishly, the next significant Fib support is waiting for AVAX at around 0.00086 BTC.
For the latest Avalanche course forecast, click here.
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