- Avalanche price currently hovers beneath the weekly resistance zone at $78.96, suggesting further downswings.
- A drop towards the support of $70.32 is essential for AVAX to recover the latest losses.
- Violating an immediate footing might translate to downswings to the $64.59 barrier.
Avalanche price lacks directional trend, translating to sideways actions. The alternative token should retest a critical support zone before contemplating the next move. While publishing this post, AVAX traded at $75.36, ranking ten in the coinmarketcap crypto-list.
Avalanche Price Rethinks Next Move
Avalanche remains stuck inside the $78.96 – $70.32 barriers, showing no directional bias signals. As Bitcoin coils up, AVAX has a higher probability of sliding to gather liquidity before climbing higher. That way, enthusiasts need to prepare for slight drops before the alt embarks on upside actions.
Avalanche price printed roughly equal lows near $70.32 on 7 March. However, the alt rallied high, leaving sell-stops behind. Nonetheless, market makers might drive AVAX south before bulls dominate. A drop under $70.32 seems vital for alt’s recovery as a reversal at this region might emerge, triggering a 12% increase to $78.96. Though the conservative case has limitations, extended uptrends might witness AVAX retesting the hurdle at $86.49. That would translate to a 22% total upswing.
Though things appear up for Avalanche, a decisive move beneath the support floor of $70.32 will print a lower low, leading to bearish favoritism. With such cases, AVAX might slide lower to retest the barrier at $64.59. Nevertheless, sidelined buyers can join in this area.
Meanwhile, Avalanche fulfilled an Ideal Bearish Ichimoku entry last Sunday (6 March 2022) but didn’t see follow-through selling. Instead, the bulls spent Monday to Wednesday trying to push Avalanche back within the Ichimoku Could but met rejections.
The rejection appeared in the $81 region. It houses the Ichimoku Cloud bottom, Kijun-Sen, 2022 Volume Point Control, and Tenkan-Sen. That means $81 shows Avalanche’s most sturdy resistance on the 24hr price chart. Sellers might perceive Thursday’s rejection as an authorization that the first break is genuine and valid. If that happens, AVAX will witness an increase in short-sellers, translating to another bearish regime. That can see Avalanche plummeting towards the 38.2% FIB retracement at $57.
