Avalanche price analysis: AVAX/USD pair set to dip further in the next 24 hours

Avalanche price analysis

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.

Avalanche price analysis: AVAX/USD pair set to dip further in the next 24 hours 1
AVAX/USD 4-hour chart. Source: TradingView

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.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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