Should the bulls be cautious as Avalanche cryptocurrency falls below 30 resistance level

Crypto News Report:
Avalanche has been unable to break through the $30 resistance level for a month.
Price trends and indicators suggest the formation of a short-term range is highly likely.
Avalanche
Since early August, the price has been slowly rising. It has increased by nearly 78% from its low point on August 5, almost three months ago.
During this period,
Bitcoin [BTC]
and
Ethereum [ETH]
have grown by 36.5% and 23.8% respectively.
This means that the performance of the Avalanche cryptocurrency has far surpassed that of the largest and most popular assets. However, the token is not yet ready for a long-term upward trend.
The trend of Avalanche is not strong
The Awesome Oscillator histogram is close to zero, with red bars indicating a fading bullish momentum. The market structure is bullish, but the trend has slowed down over the past three weeks.
This is reflected in the DMI, with the ADX (yellow) below 20. This indicates a lack of strong trend. The A/D indicator in October has also remained stable, indicating a lack of stable buying or selling pressure.
These indicators support the price trend, indicating a lack of trend. There are some bullish signs, but the psychological level of $30 remains strong.
Unless trading volume picks up, traders may see minor fluctuations between $27.2 and $29.8.
The magnetic region of $30 is interesting
AMBCrypto has found a cluster of liquidity around the $30 region. Similarly, the $27 region has seen an increase in liquidation levels.
This finding supports the idea of Avalanche forming a range in the coming days.
Is your portfolio green? Check out the
Avalanche profit calculator
It is currently unclear which of these two magnetic regions will be tested first. The $30 region is a stronger magnet, but it is further away.
Therefore, traders should consider a retest of $27 as a buying opportunity and be prepared to take action when a positive reaction occurs.
Disclaimer: The information provided does not constitute financial, investment, trading, or other types of advice and only represents the opinion of the author.