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Avalanche price analysis: AVAX prices dip further downside as the market corrects lower

Avalanche price analysis
TL;DR Breakdown
  • Avalanche price analysis is bearish
  • AVAX prices are now trading at $83.08
  • Support for AVAX prices is seen to be at $81.91

Avalanche price analysis has seen a lot of selling pressure in the past 24 hours as the market corrects lower. The cryptocurrency is now trading at $83.08 and is down by over 7% in the past 24 hours.

The market has been correcting lower since the beginning of the week after setting new all-time highs last weekend. The market sell-off has been led by Bitcoin as the flagship cryptocurrency failed to sustain its momentum above the $60,000 level.

The entire market is now in a consolidation phase as investors book profits after the recent rally. Avalanche prices are also under pressure as the market corrects lower.

Looking at the daily chart, we can see that AVAX prices have dipped below the $85 level and are now trading at $83.08. The cryptocurrency had reached a high of $91.50 yesterday before it started to correct lower.

Today’s price analysis for Avalanche (AVAX) has been bearish as prices have continued to correct lower from their highs seen a few days ago. The market is currently trading at $83.08 and has found some support around the $81.91 level. The market looks likely to continue its correction lower in the short term as the overall market sentiment remains bearish. The strongest resistance for Avalanche prices is currently at the $86.50 level. The market is currently down by 2.36 percent since the buyers failed to hold onto recent gains while the digital asset occupies 1.13 percent of the cryptocurrency market.

Avalanche price analysis reveals the current trading volume for Avalanche prices is bearish. The current trading volume for Avalanche prices is totaling $1,450,236,816.28 which has fallen from its recent highs as the coin ranks position 10 overall. Avalanche prices have been moving between a range of $81.9 to $90.05 over the past 24 hours.

Avalanche price analysis on a 1-day price chart: Bears continue dominating the market

In the 1-day price chart for Avalanche, we can see that prices have been on a downtrend over the past few days as the market corrects lower from its recent highs. Looking at the daily chart, we can see that AVAX prices have been in a downtrend since reaching highs of $99 earlier this month. Prices have since fallen to lows of $81 and have found some support around this level. However, the market looks likely to continue its correction lower as the overall market sentiment remains bearish.

Avalanche price analysis: AVAX prices dip further downside as the market corrects lower 2

AVAX/USD 1-day price chart, source: TradingView

The market is currently trading below both the 50-day and 200-day moving averages which is a bearish sign for the market. The RSI indicator is currently at the 38.48 level which suggests that the market could continue to fall in the short term as the selling pressure remains strong. The moving averages are currently bearish and are pointing towards further losses in the short term. The MACD indicator is currently bearish and is pointing towards further losses in the short term.

Avalanche price action on a 4-hours price chart: Recent developments and further technical indications

Avalanche price analysis on a 4-hour price chart shows that the prices have been in a downtrend since reaching highs of $99. Prices have since fallen to lows of $81 and have found some support around this level. The current bearish sentiment is indicated by the MACD indicator which is bearish and is pointing towards further losses in the short term. The RSI indicator is currently at the 38.48 level which suggests that the market could continue to fall in the short term as the selling pressure remains strong. The moving averages are currently bearish and are pointing towards further losses in the short term.

Avalanche price analysis: AVAX prices dip further downside as the market corrects lower 3

AVAX/USD 4-hour price chart, source: TradingView

The Chaikin Money Flow indicator is currently bearish which is a further indication that the market could continue to fall in the short term. The 50-day moving average is currently at the $88.79 level and the 200-day moving average is currently at the $92.43 level. These levels are likely to act as resistance levels in the short term as the market looks to continue its correction lower.

Avalanche price analysis conclusion

Avalanche price analysis for today is in favor of the bears who have been in control of the market since the beginning of the month. The market looks likely to continue its correction lower as the overall market sentiment remains bearish. The strongest resistance for Avalanche prices is currently at the $86.50 level. If prices can break above this level, then we could see a move towards the $89.00 level. However, if prices continue to fall, then we could see a move towards the $79.00 support level in the short term.

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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