Avalanche price analysis reveals that AVAX closed yesterday’s trading session trading at $56.12 which is a slight dip of 0.69% from its opening price of $56.52.The cryptocurrency entered the week trading at $57.18 and hit its weekly high at $61.01 before it started to experience some sell-offs that led it to where it is now.AVAX is now exchanging hands at the $56 level, a decline of 3.72 percent from its previous price in the last 24 hours.
The market cap for the cryptocurrency stands at $3.02 billion while its 24-hour trading volume is at $229.16 million. The digital asset has been falling since it hit its all-time high of over $200 in mid-December 2020 and is currently down by about 72% from those highs.AVAX prices are facing resistance at the $59.09 level and any further increase in price is likely to be limited by this level. On the downside, support for AVAX prices is seen at the $55.4 level and a break below this level could see the digital asset fall towards the $54 mark.
Avalanche price action on a 1-day price chart: Bearish trend sets AVAX prices to lows of $56.03
Avalanche price analysis on a 1-day price chart reveals a prevailing downtrend for AVAX prices seen in the last 24 hours. The prices have been trading along the descending channel since they hit highs of $61.01 and are currently facing resistance at the $59.09 level. The cryptocurrency will need to break above this level to see any further upside price action in the market. On the downside, support for AVAX prices is seen at the $55.4 level and a break below this level could see the digital asset head towards the $54 mark.
The market volatility for AVAX prices is increasing due to the present selling action in the market as indicated by the diverging Bollinger bands. The lower band is seen to be expanding downwards which is an indication of the increased selling pressure in the market. The Relative Strength Index is currently trading at 46.37 and is seen to be heading towards the oversold region which is a bearish sign for AVAX prices in the near term. The MACD indicator is currently in the bearish zone as the signal line continues to diverge from the MACD line. A bearish crossover is seen to be taking place as the MACD line is set to move below the signal line in the near term.
Avalanche price analysis on a 4-hour price chart: Bearish crossover sets AVAX prices for a move towards the $54 level
Avalanche price analysis on a 4-hour price chart shows a declining market sentiment as prices head to $54.The current market sell-off has set AVAX/USD prices for a move towards the $54 level as the bearish crossover seen on the 4-hour chart takes place. The digital asset is currently trading at $56.03 and a break below this level could see it head towards the $54 mark in the near term. On the upside, resistance for AVAX prices is seen at the $58.5 level and any further increase in price is likely to be limited by this level.
The MACD indicator is currently in the bearish zone as the signal line continues to diverge from the MACD line. A bearish crossover is seen to be taking place as the MACD line is set to move below the signal line in the near term. The Relative Strength Indicator is currently headed to the oversold region which is a bearish sign for AVAX prices in the near term.
The market volatility for AVAX prices has been on the rise as seen by the expanding Bollinger bands. The lower band is seen to be heading downwards which is an indication of the increased selling pressure in the market.
Avalanche price analysis conclusion
Today Avalance price analysis shows a bearish market sentiment for AVAX as it heads towards the $54 mark. The digital asset is currently facing resistance at the $58.5 level and any further upside is likely to be limited by this level. On the downside, support for AVAX prices is seen at the $55.4 level and a break below this level could see it head towards the $54 mark in the near term. Conversely, should bulls gain momentum and push prices above the $58.5 level, further upside is possible with the next level of resistance seen at $61.01.
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