AVAIL Token Faces Bearish Momentum: Will the $0.170000 Support Level Hold?

• AVAIL’s market capitalization stands at $350 million, accompanied by a trading volume of $146 million.
• The AVAIL/USDT pair, listed on KuCoin on July 23rd, saw an initial price surge, reaching a high of $0.250000.
• Following this peak, the token price declined by 48%, settling at $0.128000.

This article provides an in-depth analysis of AVAIL’s market movements and potential future price trends based on current technical indicators and trading patterns.

AVAIL’s Initial Listing and Subsequent Price Movements

AVAIL/USDT was introduced to KuCoin’s trading platform on July 23rd and experienced an immediate price increase, touching a daily high of $0.250000. However, this surge was short-lived as the token’s price subsequently fell by 48%, bottoming out at $0.128000. This drastic fluctuation has drawn significant attention from traders and analysts alike.

Current Technical Analysis: Rising Channel Pattern

Since its initial listing, AVAIL has formed a base around its lower price levels and is currently trading within a rising channel pattern. Today, the token made an attempt to surpass the $0.250000 resistance mark but failed, resulting in a pullback towards the lower boundary of the trending channel. Technical indicators show that the Relative Strength Index (RSI) is below 50, and the price is trading beneath both the 20-day and 50-day moving averages, indicating prevailing bearish momentum.

Potential Price Scenarios and Key Levels to Watch

According to CoinOtag’s analysis, if the lower boundary of the rising channel holds, AVAIL could see an increase in buying pressure that might drive the price back up to the upper boundary, possibly charting new highs. On the flip side, if the bulls cannot sustain the lower boundary, the price could drop further to $0.170000 and potentially target $0.120000.

Support and Resistance Levels

For traders keeping a close watch on AVAIL, key resistance levels are set between $0.250000 and $0.300000, while support levels range from $0.150000 to $0.100000. Navigating these levels will be critical for traders looking to optimize their entry and exit points.

Conclusion

In summary, AVAIL has shown significant volatility since its debut on KuCoin, marked by initial gains followed by notable declines. Current technical indicators suggest a bearish momentum, yet the potential for price recovery exists if critical support levels hold. Traders are advised to keep an eye on the key resistance and support levels identified, and approach their investments with thorough research and caution.