In November, the avalanche price dropped by 44%, but it has since recovered by 10%. A broken support zone is where AVAX is now hovering. For a possible rally toward $16 to occur, the bulls must overcome the $14 liquidity zone. The avalanche price may prepare for one more decrease, with the bull run’s midpoint in 2020–2021 as the aim. However, the bulls are trying to challenge the bears’ position. The next directional rise must be determined about the $14 price region.
The AVAX pricing has dropped.
Following the 44% decrease seen earlier in the month, the avalanche price (1) has yet to make up for significant losses. The Ethereum-based game coin is currently only up 3% on the day, bringing the whole value recovered back to 10%. If AVAX fails to ignite a big countertrend move, December may suffer.
The current auction price for an avalanche is $13.01. The bulls and bears exhibit a tug-of-war price activity on shorter time frames near the 21-day simple moving average and the 8-day exponential moving average. Investors should exercise caution since the moving indicators might generate a bearish cross signal. When the slower-moving average crosses over the faster-moving average and the auctioning price remains at or below both indicators, this is known as a bearish cross.
What would this indicate?
A bearish cross would probably trigger a sweep-the-lows event with $11.26 as the objective of the 50% Fibonacci retracement level. The level above is the midpoint of a range that runs from an all-time low of $0.85 to an all-time high of $147. It’s important to note that on Tradingview while computing exponential returns in logarithmic mode, the Fibonacci levels are employed. If such price action takes place, AVAX will fall by 16%.
A positive burst through the $14 liquidity zone might invalidate the bearish argument with a goal of $11.26. As a result, the price of AVAX rose towards the northern end of the November range, about $16.20, increasing its market value by 50%.
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