- Avalanche price analysis is slightly bullish bearish today.
- AVAX/USD is currently trading at $55.8
- Next support at $50.
The recent price action has been bearish, with a consistent downside over the last 24 hours after a clear lower high was established on Saturday. As a result, we anticipate AVAX/USD to drop further today and test further downside later.
A new lower high was established over the weekend, and we anticipate a further downside move soon that should see AVAX/USD drop to next support at $50 later today. The recent price action has been bearish, with a consistent downside over the last 24 hours after a clear lower high was established on Saturday. As a result, we anticipate AVAX/USD to drop further today and test further downside later.
AVAX/USD 4-hour chart: AVAX to move to $50 next?
On the 4-hour chart, we can see Avalanche price action still controlled by bearish momentum, likely leading to more downside later today.
The Bollinger bands are wide on the four hor price analysis chart. The price of AVAX is approaching the upper band, meaning bulls are slowly returning to the market.
The MACD indicator has also moved back above the zero line to indicate a return in buying momentum for AVAX/USD.
The RSI indicator is also moving higher, with the RSI bouncing up from around 40, indicating a potential bullish run for Avalanche.
Finally, the RSI has moved back above 50 to show a return in buying momentum for AVAX/USD.
The price of an Avalanche has been declining steadily throughout October. After reaching a high of $79.8 at the end of September, AVAX/USD failed to surpass its previous highs over the following week, culminating in a clear lower high formed at $73.5 on October 2nd.
After breaking $60 for the first time on October 12th, the cryptocurrency’s price has continued to plummet. Since then, the market value of Bitcoin has declined by more than 30% to around $52 as of press time. Over the past week, a rebound was observed, resulting in resistance testing at $59 previous local swing low.
After rising to $62 on Saturday, the price reversed, bringing the Avalanche back down in the last 24 hours. The $50 mark will be a major downside target for AVAX/USD later today, with a possible drop to as low as $48.
Avalanche Price Analysis: Conclusion
The AVAX/USD market is now bearish, and the overnight decline has continued. As a result, we anticipate AVAX/USD dropping further today and possibly falling below $55.
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