- Avalanche price analysis is bearish today.
- AVAX/USD is rejected from further upside.
- Support is present at $128.
The Avalanche price analysis shows the coin hit an all-time high at $135 yesterday. A swing high towards $151.4 was also observed, but the price was capped at $135, as the earlier figure was just a steep high spike for a few minutes. However, the coin was declined from further move upside as selling pressure built in the market, which is natural as the coin was continuously covering range upwards for four days consecutively.
Today seems to be named after the bears as a notable decline has been observed in price, and the nearest support is present at $128, followed by another support at $126. However, the cryptocurrency has still managed to stay above the psychological mark of $30, but it may step down into the $120-$130 range in the coming hours.
AVAX/USD 1-day price chart: Bears managing the price function
The 1-day Avalanche price analysis shows a decrease in price as the coin is trading at $131.46 at the time of writing, the cryptocurrency has traded in the range of $138 to $128 today, and a further variation is also possible. The AVAX/USD reports a loss in value by 0.75 percent for the last 24 hours, but on the other hand, AVAX shows a tremendous gain in value by 45.8 percent over the past week. The trading volume has been down by 24.2 percent.
The volatility is high for the AVAX as the Bollinger bands keep on expanding with the upper band at $135 now representing resistance which previously was the technical support level as the price has stepped below this level, and now the mean average of the Bollinger bands represents support for the coin at the $99 mark. However, there lay many different support levels set by the bulls earlier above the $99 support.
The relative strength index (RSI) shows a downwards slope, hinting at the selling activity which started today in the market. The RSI is still in the overbought region at index 75 but may step down into the neutral zone.
Avalanche price analysis: Recent developments and further technical indications
The 4-hour Avalanche price analysis shows that the crypto pair continues downside from the last eight hours of yesterday’s session, and bears are carrying on for today as well, as both the candlesticks for today’s session are also red, showing bearish progression.
But the volatility indicator’s mean average on the 4-hour chart is representing a support zone for AVAX at the $130 mark, and AVAX may observe some bullish effort to stop further price slippage. The indicator also shows the volatility is limiting on the 4-hour chart, but luckily, the lower band is moving towards the upper side while the upper band shows less downwards movement, hinting at the price level to remain towards the higher side for the coming days. The price has also crossed below the moving average, which is a bearish sign as well. The RSI also shows a downwards slope which is getting steeper with time, indicating the selling activity in the market.
Avalanche price analysis conclusion
The Avalanche price analysis shows that the coin is correcting after hitting the ATH. Almost the same pattern was observed after when AVAX hit the previous ATH on 21st November. The support level indicated by the mean average of the Bollinger bands at $131 may provide help to the falling price, but if the selling pressure increases and the support falters, then AVAX might look for support around $128 handle.
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