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Avalanche price analysis: Bearish trend to continue after rejection at $24.0

Avalanche price analysis
TL;DR Breakdown
  • Avalanche price analysis shows a bearish trend
  • AVAX prices are down by 7.12 percent
  • Avalanche prices have sought support at the $20.0 level

Avalanche price analysis indicates that the prices are still bearish after the market has been struggling to move beyond the $24.0 level. Avalanche prices are currently trading at $22.75 and are down by over 7 percent in the last 24 hours according to data from CoinMarketCap.The market capitalization of the project is currently at $1.6 billion and the 24-hour trading volume is at $252 million as the digital asset ranks at position 15. The prices have been trading at around $22.63 to $24.63 in the last 24 and it seems the market is facing rejection at the $24.0 level as the market faces more selling pressure.

AVAX/USD 1-day price analysis: Rejection at $24.0

Avalanche price analysis shows that the market has been facing rejection at the $24.0 level after a brief period of consolidation. The prices have been stuck between the $22.63 to $24.63 range and it seems like the market is heading lower as the prices have been rejected at the $24.0 level. The market is currently in a bearish trend as the prices have been struggling to move beyond the $24.0 level. The market looks set to continue its bearish trend as the prices have sought support at the $20.0 level.

image 72
AVAX/USD 1-day price chart, source: TradingView

The market looks set to continue its bearish as the technical indications point to the downside. The RSI indicator is currently at the 40 level which is an indication that the market is in bearish territory. The MACD indicator is currently in the bearish territory as the signal line is above the histogram. The ADX indicator is currently at the 25 level which is an indication that the market has some room to move to the downside.

Avalanche price analysis: Recent developments and further technical indications

Avalanche price analysis reveals the prices have been trading below the moving averages which is an indication that the market is in a bearish trend. The prices are currently trading below the 50-day moving average and the 200-day moving average which is an indication that the market is in a bearish trend. The market looks set to continue its bearish trend as the prices have sought support at the $20.0 level.

image 71
AVAX/USD 4-hour price chart, source: TradingView

The market looks set to continue its bearish trend as the technical indications point to the downside. The RSI indicator is currently at the 40 level which is an indication that the market is in bearish territory. The MACD line is currently trading in a negative side as the signal line is above the histogram. The ADX indicator is currently at the 25 level which is an indication that there is some room for the market to move to the downside. The Bollinger bands are seen to be contracting which is an indication that the market is in a consolidation phase.

Avalanche price analysis conclusion

Avalanche price analysis shows that the market looks set to continue its bearish trend as the prices have sought support at the $20.0 level. The market looks set to continue its bearish trend as the technical indications point to the downside. The market looks set to continue its bearish trend as the prices have been struggling to move beyond the $24.0 level.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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