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Avalanche price analysis: AVAX nosedives to new lows of $30.04

Avalanche price analysis: Avax steps down to $56.5 six months low as bears dominate the market

Avalanche price analysis indicates AVAX closed the week in a bearish trend and is now trading around $30.The prices have declined by 15.08 percent in the last 24 hours and are likely to plummet further. The digital currency has been on a downtrend for the entire week and today it hit the lowest point of $30.04. The market capitalization of the coin has also decreased significantly and is now placed at $4.62 billion.

The digital currency started to decline alongside other digital assets following the current market crash. The prices soon started declining and reached the lows of $30 today. The selling pressure is very high at the moment as the market conditions are not favorable. The prices might decline further in the next few days and reach the support level of $29.0. The digital currency has lost a lot of value in the last few weeks and is currently trading at new lows.

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Cryptocurrencies prices heatmap, source: Coin360

AVAX/USD 1-day chart price analysis: Bears take control as prices move lower

Avalanche price analysis shows a declining trendline pattern on the 1-day chart. The prices have broken below the $32 support level and are now trading at new lows. The trading volume for AVAX/USD pair has also increased in the last 24 hours which is a bearish sign. The MACD indicator is also placed in the bearish territory and is currently indicating further losses for the prices. The RSI indicator is also placed in the oversold region and is currently showing no signs of a bullish reversal.

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

Avalanche market volatility is extremely high with the upper band of the Bollinger bands touching the $33.0 level and the lower band at $29.5.The prices are likely to remain volatile in the next few days as the market conditions are not favorable.

The digital currency is currently trading below all the major moving averages on the 1-day chart which is a bearish sign. The prices might decline further in the next few days and might test the support levels of $29.0 and $28.0.

AVAX/USD 4-hour price analysis: Prices nosedive to new lows

Avalanche price analysis shows a bearish trend on the 4-hour chart. The prices have broken below the $32 support level and are now trading at new lows. The Bollinger bands are also showing high volatility in the market and are currently placed at $31.5 and $29.5.The RSI line is set to enter the oversold region as it is currently placed at 26.89. The MACD indicator is also placed in the bearish territory and is indicating further losses for the prices.

image 240
AVAX/USD 4-hour price chart, source: TradingView

The digital currency started to decline following the market crash and soon reached the lows of $30.04. The selling pressure is very high at the moment as the market conditions are not favorable. The prices might decline further in the next few days and reach the support levels of $29.0 and $28.0.

Avalanche price analysis conclusion

Avalanche price analysis shows that the prices are on a downward trend and are likely to decline further in the next few days. The digital currency has lost a lot of value in the last few weeks and is currently trading at new lows. The selling pressure is very high at the moment and the prices might test the support levels of $29.0 and $28.0 in the next few days. The market conditions are not favorable for the digital currency and it is likely to remain volatile in the next few days.

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.
John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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