While the entire cryptocurrency sector is facing a downtrend, Avalanche is not finding itself facing the other direction. It is also facing a downside that things haven’t been found for the digital asset lately.
The analytical data shows that Avalanche’s downfall is much higher than the downtrend of other major cryptocurrencies in the market. In the past few days, the price action of Avalanche has been very repetitive.
It shows that a pennant pattern has been formed around Avalanche. This means that the price of Avalanche is moving between two particular ranges. This means that a continuation has been formed surrounding the price pattern of Avalanche.
Avalanche Price Expected to Dip to $18
For now, the bears have stronger negative sentiments than the bulls. The bears are trying to move Avalanche into the strong support line. This way, the trading price of Avalanche might continue dropping.
The bears may attempt and retest the buying sentiments of the investors. This way, the bears may gain more power, pulling Avalanche down to a low trading price of $23.51 per AVAX.
If the bears are able to break the particular mark and bring Avalanche below it, then the bears may succeed in resuming the bearish trend. This would lower the trading price of the AVAX/USDT pair to $20.
From that particular mark, the trend may gain more momentum. The price of Avalanche may gain more acceleration while moving in a downward direction.
The increase in economic pressure and regulatory aggression has a huge negative impact on the crypto sector. Unfortunately, Avalanche is also facing the same impact and if it continues then its trading value may go down to $18.
Avalanche Price to Hit $51
On the other hand, if the bulls do manage to run the trend into their side, then Avalanche may rise from its current level. The initial attempts of the investors would be to move Avalanche over the pennant.
If the attempt is successful, then the buying trend of the investors may gain momentum. As things work out in favor of the investors, Avalanche’s trading price may elevate to $42.35. At the moment, the $42.35 price is the 20-day EMA for Avalanche.
Going forward, the economic pressure may start to lower, ultimately becoming a positive side for the investors. If things work out the way the bulls are trying to manage them, then Avalanche may rise to $46.21.
It may prove to be an extremely difficult and strongly defended barrier by the bears. If the bulls manage to break through the barriers, they will be able to go for a major resistance market of $51.