AVAX/USD quotes are trading at 79.00 and continue to move within the correction and the downward channel. The moving averages point to a short-term bearish trend for Avalanche. Prices have broken down the area between the signal lines, which indicates pressure from sellers of the asset and a potential continuation of the fall from current levels. At the moment, we should expect an attempt to develop a bullish correction in the value of the digital asset and a test of the resistance level near the area of 95.65. Where can we expect a rebound and the beginning of a fall in the Avalanche rate again with a potential target below the level of 45.05.
Avalanche Weekly Forecast February 21 — 25, 2022
A test of the resistance line on the relative strength index (RSI) will be in favor of lowering AVAX/USD quotes. The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option to reduce the coin will be a strong increase in the value of the asset and a breakdown of the area of 103.65. This will indicate a breakdown of the resistance area and a continued rise in the cryptocurrency rate with a potential target above the level of 125.05. With the breakdown of the support area and the closing of quotes below the level of 75.00, we should expect confirmation of the development of a downward momentum for Avalanche, which will indicate the completion of the formation of the “Head and Shoulders” reversal pattern.
Avalanche Weekly Forecast February 21 — 25, 2022 suggests an attempt to correct and test the resistance area near the level of 95.65. Where should we expect a rebound and a continuation of the fall of AVAX/USD to the area below the level of 45.05. An additional signal in favor of the decline of the Avalanche coin will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the area of 103.65. This will indicate a continued rise in the cryptocurrency with a target above the level of 125.05.
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