Avalanche (AVAX) also demonstrated a similar kind of downtrend as other cryptocurrencies on December 4, 2021. Avalanche’s price also experienced a sharp decline in its price on that particular day.
The price of AVAX continued diving and it reached all the way down to the $81 per AVAX price. The particular price benchmark currently acts as the strong support for AVAX. At this point, the bulls put in all their efforts to carry out aggressive purchasing of AVAX and keep resisting.
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They do all there is in their power to keep pushing the price of AVAX in the upward direction. Just as the price of AVAX came close to hitting the $81 per AVAX price, the bulls did launch their strong resistance to the bearish efforts.
They continued buying the dip and continued pushing the price of AVAX in the upward direction. However, the graph showed that there was indeed a lack of support when the price of AVAX hit the higher demand levels.
This is when the bears tried to push the price of AVAX in the downward direction. They tried their best to sink the price of AVAX, again bringing it close to the $81 per AVAX. They continued with their efforts and by December 6, 2021, they had managed to achieve their goal.
They pushed the price of AVAX even close to the 100-day SMA. At present, the $73 per AVAX price is demonstrated as the 100-day SMA for AVAX. Just as the price of AVAX came close to the $73 figure, the bulls started buying the dip.
This meant that the bulls had strong sentiments surrounding AVAX and they were buying every dip they came across. With their efforts, the bulls managed to bring the price of AVAX above the 100-day SMA. They continued with their bullish efforts and kept on with their accumulations as they faced the dips.
As of now, the price of Avalanche is above the 100-day SMA and it is currently hovering at a price of $84.38 per AVAX. This means that the bulls’ efforts are proving to be in their favor as the price of AVAX is rising.
The performance chart for AVAX by Glassnode shows that with the current trend, AVAX may be able to hit the $104 per AVAX price. The $104 price is currently anchored as the 20-day EMA for AVAX.
The consensus from the analysts suggests that the $104 price would be the point where bears may give a lot of resistance to the bulls. They will try their best to push the price of AVAX below the $100 mark, pushing it closer to the 100-day SMA.
If the bears do manage to push the price of AVAX close to the 100-day SMA, then it would mean bears are still using a lot of selling power to trigger a downtrend for Avalanche.