TL;DR Breakdown
- Avalanche price analysis is bearish as AVAX struggles near $80
- Bears are regaining foothold as price holds near key resistance level
- Avalanche (AVAX) price is looking for a breakout above the $80 resistanceÂ
Avalanche price analysis is bearish, which could be attributed to the overall crypto market trading in the red zone as shown on the cryptocurrency heatmap below. Both top coins BTC and ETH fell by over 3 percent over the last 24-hours. The general sync market associated with the direction of the top coins might have caused a blood bath throughout the entire digital assets market. The only gainers on today’s chart were Tezos and ICP.Â
Avalanche price movement in the last 24 hours: Bearish forces prevent AVAX from breaking above the $80 point
Avalanche (AVAX) opened at a price of $72.02. A slight price increase towards the close of yesterday’s chart saw AVAX/USDT rise from a weekly low of $64. Therefore enabling the bulls to gain heat at the open of today’s session at a bullish fever. Data indicates a 12.35 percent increase in trading volume for the altcoin. While the market capitalization rose to $16.6 billion, after recording a daily percentage increase of 6.81 percent.
Avalanche 4-hour price chart: AVAX/USD heading towards $64 weekly low?
The 4-hour Avalanche price analysis chart shows the overall sentiment is in favor of the bears. We observed a short-term trendline taking root on the chart as sellers successfully broke down below the daily high of $79. Currently, AVAX/USD is trading at $75.60. There is a narrow range between the daily low and daily high, thereby noting mild volatility across the daily chart.Â
Avalanche price analysis shows price action has been fluctuating gradually for the past weeks. Buyers are gaining heat as they compete to take the lead from the strong bearish momentum engulfing the crypto market since the start of 2022. However, there is little chance for the bulls to gain an upper hand due to heightening selling pressure.
Presently, 14 out of the 26 major crypto analysis indicators are suggesting a sell sentiment, while only 2 are pointing towards the buyers direction. Today’s brief price increase could have driven the oscillators towards the buyer’s direction as they are indicating a buy sentiment. Almost no oscillator is showing a sell sentiment.
Avalanche price analysis: Conclusion
Both the daily and hourly major price analysis indicators are showing great support for sellers. This translates to a generally bearish perspective of the daily Avalanche price analysis. The market is heading downwards, and little effort by the bulls could see the altcoin hit below $60. However, if the bulls manage to record more momentum into the start of the weekend, we could actually witness a break above $80.
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