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Avalanche Price Analysis: AVAX/USD encounters trouble retracing to $67

Avalanche price analysis

TL;DR Breakdown

  • Avalanche price analysis has a slightly bullish tendency.
  • The bearish momentum can take control at any given moment.
  • Avalanche is trading between $64.917 and $62.970 in the last 24 hours.
  • In shorter intervals, Avalanche price analysis shows chances of recovery.
  • The price could fall further in the bigger picture.

Today, the Avalanche price analysis seems to be slightly bullish after yesterday’s bearish fall to $63.249. Furthermore, the Avalanche market is stable, hence further decrease over the next few hours is not expected.

Avalanche Price Analysis: AVAX/USD encounters trouble retracing to $67 1
Cryptocurrency heat map by Coin360

At large, the cryptocurrency market is bearish today as the price of Bitcoin has been lowered by 1.19 percent. On the other hand, Ethereum has lost 1.72 percent. Though, surprisingly, the Avalanche market is somewhat stable. However, further downfall could occur at any moment due to the high volatility.

Avalanche price analysis
Avalanche Price Chart by TradingView

In this regard, the 1-day Avalanche price analysis chart might be of interest. First, the RSI level is at 53.51, and the line is fairly stable but with a slightly negative gradient. Furthermore, on the MACD analysis, we can see that the histograms are in green, but their strength is slowly reducing.

From this, one can incur that the bulls are trying to overcome the bearish momentum. However, bulls might give up at any moment. After all, the entire market has a bearish influence today.

Avalanche 24-hour price analysis

Avalanche Price Analysis: AVAX/USD encounters trouble retracing to $67 2
Avalanche Price Chart by TradingView

Avalanche has been trading between $64.917 and $62.970 in the last 24 hours. Currently, the overall market cap of Avalanche is $13,868,393,063, marking a decrease of 3.26 percent. At the same time, the trading volume has gone down by 32.94 percent.

Though, the RSI line on the 24-hour Avalanche price analysis gives us hope that in the next few hours, the market might show some improvement. Although, the candlestick pattern today does not leave room for much optimism. Today, the Avalanche market is quite volatile, with bears having a stronger hold. Though, the bulls are trying hard to overcome.

4-Hour Avalanche price analysis: Will AVAX/USD retrace to $67 today?

Avalanche Price Analysis: AVAX/USD encounters trouble retracing to $67 3
Avalanche Price Chart by TradingView

In the current hour, Avalanche seems to show slight chances of recovery. However, as the 4-hour Avalanche price analysis chart shows, the chances are pretty slim. First, the bears have a stronger hold in the bigger picture, as the MACD analysis shows histograms in the reds.

Furthermore, the RSI line is stable at 48.22 but shows a slightly negative gradient, just like our 1-day chart. Hence, the bears can take control at any given moment.

Avalanche price analysis: Conclusion

Due to the high amount of uncertainty in the market today and an overall bearish tendency, AVAX/USD is set for a further downfall in the bigger picture. Though, slight recovery might be observed in smaller intervals. But overall, this may not be the best time to make an investment for short-term gains.

While the Avalanche market decides its course, consider going through our insightful guides on crypto mining.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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