In our last Avalanche forecast, we wrote that the AVAX price could soon fall towards $10, as the support of about $20 was broken. As a result, the price was able to form a low of about $13.50 and then rise a little from then on. Now the price is at +/- $18.23 and seems to indicate a direction soon as it will go further. We from CryptoTicker will explain to you today how the avalanche price could continue by looking at and evaluating the current chart picture of the AVAX / USDT pair. The future doesn’t look too good.
New formation formed in the daily chart
The Avalanche price has broken the support of $21 in the past weeks and months. After this has been broken, the price has formed a low of about $13.50 and at the same time a support trend line. This trend line leads to the new resistance of $21, which is why a breakout will occur sooner or later. Since the trendline is heading towards a horizontal resistance, we see an ascending triangle here. However, since the price is in a downtrend, this triangle is invalid and has no higher chance of breaking out upwards. A breakout will happen sooner or later, as the course will have to decide on one direction. However, where the journey will go remains open.
How could the Avalanche course continue in the short term?
AVAX/USDT Possible course history
Since the Avalanche price had recently reached the lower trend line, we now assume that the price will test the resistance of $21 next. After the price has tested the resistance, there could be a price crash. This could last until the trendline is tested again. After the trendline is tested again, it will be exciting. The avalanche course could then prepare for an eruption. We at CryptoTicker expect a bearish breakout, as the current market situation is just as bearish.