TL;DR Breakdown
- Avalanche price analysis is bearish today.
- AVAX/USD retraced to $70 overnight.
- AXAX/USD pair is presently trading at 66.
The Avalanche price analysis is bearish today, as we saw a strong break below the $70 support, followed by a retest as resistance. With the next major support at the $65 mark, AVAX/USD is expected to fall even further.
Avalanche price movement in the last 24 hours: Avalanche retests $70 as resistance, continues lower
The Avalanche price is bearish today as it continues to retrace from the all-time high set on February 16 at $138.
Yesterday, we saw a strong break below the $70 support and AVAX/USD slid to an intraday low of $67. There was a minor rebound seen during the day, but the bears resumed their selling pressure during the overnight session.
As of writing, AVAX/USD is trading at $70.15 on Bitfinex, representing a 2% loss on the day. The next major support lies at the $65 mark, followed by $56.
The daily chart shows that Avalanche has broken below its ascending trendline and is now testing the 200-day moving average (MA) as support. A break below this MA could see a sharp decline in prices, towards the $56 level.
On the bullish side, a move back above $77 would invalidate the bearish view and signal a resumption of the uptrend.
AVAX/USD 4-hour chart: AVAX ready to break $65?
On the 4-hour chart, we can see that Avalanche is currently in a downtrend, with support at $70. A break below this could see prices fall to $65, followed by $56.
On the upside, resistance lies at $77, followed by $85 and $95. A breakout above this resistance could see prices climb back up to the previous highs around $130.
The RSI is currently in oversold territory, indicating that there is scope for a corrective rally in the near term. However, overall, the bias remains to the downside as long as prices remain below $77.
The $70 support level it previously supported has now been abandoned. The bears, on the other hand, have pierced the level yesterday with only a minor pause in overall momentum.
The MACD indicator shows that the bears are in control and the next support level is at $65. The RSI is currently at oversold levels and might see a corrective bounce soon.
The next big resistance on the upside is at $77 and it would take a break above this to invalidate the current bearish trend. For now, it looks like the bears are in control and AVAX/USD could fall to $65 in the near term.
Avalanche (AVAX) is a smart contract platform that enables the creation and deployment of decentralized applications (dApps). It is built on the Avalanche consensus protocol, which is a new consensus mechanism that is said to be faster, more scalable, and more secure than existing protocols.
Avalanche price analysis: Conclusion
Avalanche price analysis is bearish today as we have seen more downside tested late yesterday. Overnight, AVAX/USD retested previous support as resistance before more selling continued during the day, indicating more downside to come.
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