Avalanche (AVAX) seems to be struggling in terms of its price in the past few days. The investors are losing their confidence in keeping up with the bears and therefore, its price has been plunging. For days, the investors tried to maintain the price of AVAX over $70. However, the bears have shown that they are not going to let the situation slip past their control.
This is the reason why the bears have started steering the trend more into their zone. The bears have reportedly increased sales for AVAX to inflict more damage to its price. In the past 24-hours, the bears have successfully created a 7.21% dip in AVAX’s price.
As of now, AVAX’s price is down to $67.31, which means that the bulls have given up on their efforts at the $70 per AVAX mark. However, they may try and resist at the $59.09 point, which is the first strong support point for AVAX and is also near its 50-day SMA.
The bears are currently showing no signs of stopping, which means that they will continue with their selling spree. This would trigger more investors to move in favor of the bearish trend. This would result in pressing the price of AVAX down to $48.92.
At this point, the bulls may pose no threat for the bears and they may continue their march to bring AVAX down to $38.06.
If things go south for the bears, then the bulls may be able to press harder and may push their price up to $74.86. The $74.86 price for AVAX would hint that the bulls have the green signal to push its price close to the 20-day EMA ($78.37).
If the bulls succeed in pushing over the 20-day EMA for AVAX, their next target would be $86.24. Finally, if the bears give up and they no longer pose a threat to the bulls, then AVAX’s price may be pushed up to $102.81.
In the case of Polygon (MATIC), the bulls tried really hard to create a rebound in favor of a price surge for MATIC. Unfortunately, their efforts were not backed much by the investors and MATIC was unable to recover.
This is the reason why the price of MATIC plunged from $1.57 to $1.53 in a matter of 24-hours. The investors are eager to sell MATIC at each rally, which means its general trend is bearish.
This would cause the price of MATIC to fall deeper and exhibit $1.39 per MATIC in the next few days. From that point, the bears may continue increasing their selling efforts to push MATIC down to $1.25 and then $1.11.
If the bulls make a comeback from the second strong support mark ($1.25), they will be able to increase their buying power. This would help bulls bring more investors on board, thus, elevating the price of MATIC up to $1.67, then $1.84, and finally, reaching $2.04.