avalanche price analysis prediction
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Avalanche Price Analysis & Prediction (Mar 16th) – AVAX Drops 8% to Support but Bulls Hope to Step Back

Avalanche’s price decreases significantly in the past hours after retesting last month’s support area as resistance on Tuesday. It encountered a rejection there and rolled over with an 8% loss.

The tussle for dominance between the bulls and bears has caused a quick swing of high and low since the start of the week. Their reactions have triggered a mixed signal and bias for Avax as the next actual direction looks indecisive.

Last week, the cryptocurrency initiated a buy and marked a 7-day high at $18 this week. This high happens to be February’s breakdown area, but due to a sudden rejection, the price fell to minor support of $15.5.

While it hovers around that support for the past few hours, buyers are trying to step back into motion. But their attempts need to be stronger. A notable surge above the weekly high could give them an upper hand. 

A continuous decline, especially below last week’s rebound level, will activate another bearish scenario that could last up to $10 in the coming weeks. However, paying attention to the recent bounce on the long descending trendline is important.

Looking at the setup from a technical perspective, Avax is expected to resume the early-year positive actions in the next few days. For now, it remains bearish from a long-term perspective.

AVAX’s Key Level To Watch

avalanche avax price analysis
Source: Tradingview

An increase from the current holding support should push the price quickly to $16.9 and $18. On the way up, the next resistance level to remember is $19.47 and potentially $21.8 before breaking out of the structure.

Inversely, a decrease could send the price to last week’s rebound level of $14 before breaking lower. The potential support level to watch is $12.

Key Resistance Levels: $16.9, $19.47, $21.8

Key Support Levels: $15.56, $14, $12

  • Spot Price: $15.7
  • Trend: Bearish
  • Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: inueng/123RF // Image Effects by Colorcinch

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