Avalanche price analysis: AVAX breaks support at $66

AVAX

TL;DR Breakdown

  • Avalanche price analysis is bearish today.
  • Strong resistance present at $108.
  • Avalanche trades for $66 as of now.

Today’s Avalanche price analysis shows a strong bearish trend gaining momentum. AVAX/USD is currently trading at $66, down 11.51% in the past 24 hours, with a trading volume of $1,021,123,133. The market capped yesterday in a crashing momentum and is opening today with severe bearish signs adding to yesterday’s crash below the $68 mark. In addition, the volatility increases, giving the bears more opportunity to strengthen their hold.

Yesterday saw a significant increase in bearish volume, which has only increased overnight, indicating that selling pressure for Avalanche remains relatively high. This increase in selling pressure has led to the devaluation of the cryptocurrency.

AVAX/USD 4-hours analysis: Latest developments

Avalanche price analysis indicates market volatility following a massive increasing trend, which means that AVAX/USD prices are increasingly prone to fluctuating volatility. The upper limit of the Bollinger’s band is at $92, which acts as the most substantial resistance for AVAX. Conversely, the lower limit for the Bollinger’s band is available at $65, which serves as the most vital support.

The cryptocurrency price seems to have broken the support yesterday while following a downwards movement, resulting in a breakout. Following yesterday’s breakout, the cryptocurrency price has started moving upwards, indicating a possible reverse trend in the coming days.

The price of AVAX/USD appears to cross under the Moving Average curve, signifying a bearish movement. However, bears have been taking care of the market for the last few hours without any interference from bulls.

Avalanche price analysis: AVAX breaks support at $66 1
AVAX/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 23, which puts cryptocurrency in a severely undervalued state. However, we can trace the RSI following a linear path in the undervalued region, indicating equivalence of selling and buying activities.

Avalanche Price Analysis for 1-day: Market retests its support

Avalanche price analysis shows market volatility following a dormant trend, indicating that the probability of AVAX/USD experiencing fluctuations remains constant until the volatility fluctuates. The upper limit of the Bollinger band is present at $108, which acts as the most substantial resistance for AVAX. Conversely, the lower limit for the Bollinger band is present at $66, which serves as another resistance point for AVAX.

The price of AVAX/USD appears to be crossing under the Moving Average curve, indicating a bearish move. However, the market’s direction may seem to remain consistent over the last few days. Bears have taken the market, which weakens the stance of the AVAX cryptocurrency. On the other hand, bulls, who had taken care of the market for so long, have grown tired. However, following the breakout, the bulls will have numerous opportunities to reclaim the market.

Avalanche price analysis: AVAX breaks support at $66 2
AVAX/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is 29, indicating an undervalued cryptocurrency. Furthermore, the price appears to follow a linear path in the undervalued region, exhibiting no signs of further depreciation or movement towards stability.

Avalanche Price Analysis Conclusion

The conclusion of the Avalanche price analysis indicates that the cryptocurrency behavior suggests that it is following a downwards trend with the potential to maintain it. The market has recently fallen under bearish dominion, they have the bulls worried, but they are already weary; it is unlikely they will strike back anytime soon. Since the support is broken, now is a good time to strike back and snatch the market.

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.

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