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Avalanche price analysis: AVAX loses value at $24.2

Avalanche price analysis: AVAX loses value at $24.2
TL;DR Breakdown
  • Avalanche price analysis is bearish today.
  • The strongest resistance is present at $31.06.
  • Avalanche trades at $24.2 at the time of writing.

Today’s Avalanche price analysis shows a bearish trend gaining momentum with strong bearish possibilities. AVAX/USD is currently trading at $24.2, up 2.30% in the past 24 hours, with a trading volume of $716,256,833. The market capped yesterday in a crashing momentum and is opening today with hopeful bullish signs adding to yesterday’s crash below the $23.5 mark. In addition, the volatility decreases, giving the bulls more opportunity for a tremendous comeback. The lice market cap of AVAX is $6,804,391,286, and it ranks #12 in the cryptocurrency rankings.

AVAX/USD 4-hours analysis: Latest developments

Avalanche price analysis indicates market volatility following an increasing trend, which means that AVAX/USD prices are increasingly prone to fluctuating volatility. The upper limit of the Bollinger’s band is at $27.1, which acts as the most substantial resistance for AVAX. Conversely, the lower limit for the Bollinger’s band is available at $22.8, which serves as the most vital support for AVAX.

The price of AVAX/USD appears to cross under the Moving Average curve, signifying a bearish movement. However, bears have been taking care of the market for the last few hours and will maintain their momentum as the price moves towards support. The support might break in the coming days, causing a reversal.

image 150
AVAX/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) is 46, which puts cryptocurrency in a stable state. However, we can trace the RSI following a downward path in the undervalued region, indicating the dominance of selling activity. If the RSI decides to move further towards a dominant selling activity era, a reversal movement will become inevitable, and the bulls will have their chance at glory once again.

Avalanche price analysis for 1-day: Market closes

Avalanche price analysis shows market volatility following a declining trend, indicating that the probability of AVAX/USD experiencing fluctuations remains constant until the volatility fluctuates. The upper limit of the Bollinger band is present at $31, which acts as the most substantial resistance for AVAX. Conversely, the lower limit for the Bollinger band is present at $21, which serves as the strongest support for AVAX.

The price of AVAX/USD appears to be crossing under the Moving Average curve, indicating a bearish move. However, the market’s direction may seem to remain consistent over the last few days. Bears have taken the market, which weakens the stance of the bulls. However, it appears the AVAX/USD price attempts to break the support band, indicating a breakout in the market. This may cause an imbalance in power in the cryptocurrency market.

image 151
AVAX/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) is 37, indicating a stable cryptocurrency. Furthermore, the price appears to follow a downward path in the undervalued region, exhibiting signs of the cryptocurrencys’ decreasing value and movement towards devaluation and intense selling activity; this may initiate a strong reversal movement in the market.

Avalanche Price Analysis Conclusion

The conclusion of the Avalanche price analysis indicates that the cryptocurrency behavior suggests that it is following a bearish trend with massive reversal potential. The market has recently fallen under bearish dominion but seems not competent enough to maintain it. However, they have already engulfed the market, and the bulls are on the ropes right now but might take over by storm in the coming days if they take advantage of the breakout.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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