Price Analysis

Avalanche (AVAX) & Terra (LUNA) Price May Test $50 if They Fail to Hold These levels

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Apr 12, 2022

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Avalanche (AVAX) Price 

The recent price slash pushed the AVAX price beneath the strong support line which indicated a bearish outlook. Moreover, the asset showcased a considerable drop in the buying pressure in the past week which hampered the volatility of the asset. And hence when the price was all set to test the higher resistance close to $100, with the updated technicals, a deep downtrend may make its way out. 

  • AVAX price is trending within a symmetrical triangle and due to the recent slash, the price is on the verge to test the immediate support and the lower trend line later
  • Currently, the asset is testing the crucial support at $73.02 and trying out for a rebound. And if the asset succeeds, then it may test the upper resistance and fall down apart again. 
  • Else if the asset breaches through these levels then it may head towards the lower support at $65, and if failed to hold here, the price could ultimately head towards the $50 levels
  • Adding to the substance, the RSI is trying for a bullish breakout but lags momentum and MACD also is pretty bearish, displaying an acute selling volume. Therefore a descending consolidation may continue until the asset reaches the apex of the triangle

Also Read: Bitcoin Hovering Around $40,000! Here’s What Traders Can Expect in the Upcoming Day’s Trade!

Terra (LUNA) Price 

Terra’s (LUNA) price was attempting to break out from the larger parallel channel and hence it formed a minor uptrend channel within the existing one. However, amid the recent slash, the interim uptrend channel was broken down as the price sliced through the lower band of the channel and headed towards immediate support. Currently, the price appears to have flipped the lower support but the bearish trend may still prevail. 

  • The LUNA price before entering the lower support zone between $77 to $80, is attempting to a rebound. But due to less buying pressure, the price is unable to flip strongly
  • However, despite a flip, the RSI is still within the descending range and hence a bearish breakout is much expected until the day’s close
  • On the other hand, the MACD is extremely bearish as the selling volume has accumulated heavily. Therefore, the current flip may eventually be overturned by the bears in a short while
  • And in such a case holding within the above-mentioned support zone is very much important, else the lower support at around $50 may make its way out
  • However, if the LUNA price flips the bears from the support zone itself, then it may eventually head towards the upper resistance again but may land up within the channel yet again

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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