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Avalanche price analysis: AVAX sheds nine percent as the price devalues to $23.6

Avalanche price analysis: AVAX sheds nine percent as the price devalues to $23.6
TL;DR Breakdown
  • Avalanche price analysis shows a bearish momentum.
  • Resistance for AVAX is present at $27.1.
  • Strong support for AVAX/USD is found at $23.3.

The Avalanche price analysis shows a bearish daily trend. The bears have successfully engulfed the market and made higher losses during the past few hours. The price has also decreased considerably during the last twenty hours and has now decreased to the $23.6 mark. The past few hours have been highly discouraging for buyers as the price decreased at a faster pace. The trend has been impactful as the bears extend their influence.

AVAX/USD 1-day price chart: AVAX reports a heavy loss

The 1-day Avalanche price chart shows discouraging signs for the cryptocurrency as the price follows a bearish trend. The price deficit has been increasing during the day, dragging it down to the $23.6 level, reporting a loss of nine percent for the last 24 hours. The crypto pair is also at a loss of 17 percent for the past week as the price trend line has been downwards for the last seven days.

The price has stepped below the moving average (MA) value which is present at $24.8, which is due to the great bearish momentum. In comparison, the Bollinger bands average is still at a higher height as it holds up at $26.3.

avax 1 day
AVAX/USD 1-day price chart. Source: Tradingview

The volatility in the price chart is comparatively low, but it still shows an envelope of $10 for the price to oscillate around, ranging from $20.9 to $31.6 as indicated by the Bollinger bands, with the upper band present at the $31.6 mark representing the resistance, while the lower band is at the $20.9 mark representing the strongest support. The Relative Strength Index (RSI) shows movement downwards as the score is now 36 and is expected to go lower than these levels as well.

Avalanche price analysis: Recent developments and further technical indications

The 4-hour Avalanche price analysis suggests the bearish direction for the cryptocurrency and is properly represented by the price, which continues to decrease. The support hasn’t appeared for AVAX/USD, and the price has decreased to $23.6, with the highest loss observed during the last four hours. As the volatility increases, it may provide more room for downwards price movement.

avax 4 hour
AVAX/USD 4-hours price chart. Source: Tradingview

The Bollinger bands show the $424.6 average, while the lower value is present at $21.7, and the upper value is 27.4. The RSI levels are also falling sharply, and the downwards curve has brought the score to index 42 for the 4-hour price chart, which is in the lower half of the neutral zone.

Avalanche price analysis conclusion

The latest Avalanche price analysis price shows the price is going down once again. The AVAX/USD price has decreased to $23.6 at the time of writing and is expected to decrease further in value in the short term as well, as the bears have overwhelmed the market.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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