On January 27, the trading price of Avalanche (AVAX) successfully made it past the resistance line. The AVAX price kept on surging and it successfully came close hitting the overhead barrier.
The particular barrier for AVAX currently stands at $22. The rally began on January 27 and it was on January 28 when the trading price of AVAX was pushed closer to $22.
Bears Are Attempting a Stall
It seems that for now, the bear is attempting to cause a stall. They do not want the bulls to be able to push the trading price of AVAX to $22.
Despite the attempts from the bears, the bulls do not seem to be losing their confidence. They are okay with moving at a slower pace but they are determined to push the asset’s price higher.
The confidence and the determination of the bulls may help push the trading price of AVAX through the overhead hurdle.
If the stall caused by the bears, fails and the bulls keep on powering the trend, then the trading price of AVAX may get pushed higher.
In the best-case scenario, the trading price of AVAX may get accelerated. It may continue getting pushed higher. More investors may join the trend and start supporting it.
The combined buying force of the investors may happen to push the trading price of AVAX closer to $30.
Resistance is expected at $24
Although the data shows that the determination of the investors is high, there is a slight chance of a resistance that the bears may pose.
The technical analysis shows that the bears may try and pose a great challenge for the bulls at $24. This is where the bulls may have to face resistance from the bears’ end.
If things do not work out, then the trading price of AVAX may experience a downtrend.
AVAX’s Decline to $17
It seems that until now, the sentiments of most of the investors are bullish. Therefore, it is safe to say that the trading price of the asset may continue to rise. It may even manage to push through the resistance territory.
However, if the resistance level does manage to fend off the bulls, then AVAX may start getting pulled lower.
As the bears increase their selling pressure, the trading price of the asset may start moving downwards. The first dip that the trading price of AVAX may experience would be below $20.
Looking at the downward movement, more investors may join the selling spree. This may add even more selling power, which may bring the trading price of AVAX to a lower level.
Going forward, the trading price of AVAX may get pulled down to $17.