- Avalanche price analysis suggests downwards movement across the short-term charts.
- The closest support level lies at $22.74
- AVAX faces resistance at the $24.96 mark
The Avalanche price analysis shows that AVAX has been unable to climb past the $25.00 mark as the bearish pressure increased in recent hours. However, volatility remains low as either side speculates, causing a drop in trading activity.
The broader cryptocurrency market observed a mixed market sentiment over the last 24-hours as most major cryptocurrencies record mixed price movements. Major players include THETA and POLY, recording a 10.25 percent incline and a 5.02 percent decline, respectively.
Avalanche price analysis: AVAX rejected at $25.00
The MACD is currently bearish, as expressed in the red color of the histogram. However, the small height of the indicator suggests a low bearish momentum insignificant across the four-hour charts as volatility remains low as AVAX oscillates around the $24.50 mark. Moreover, the indicator’s lighter shade suggests a declining bearish momentum that may show a bullish convergence in the next few hours.
The EMAs are currently trading close to the mean position as net price movement over the last five days remains low. Furthermore, as the price action stagnates at the $25.00 mark, the EMAs move horizontally with both converging rapidly to signify a lack of activity from either side of the market. However, the 12-EMA has started to decline at a greater slop in recent hours, suggesting an increased selling pressure in recent hours.
The RSI was trading in the neutral zone since 27 May as the price volatility for Avalanche dwindled across the short-term charts. Currently. The indicator trades close to the mean position at the 50.00 index unit level and hovers at 45.59. The indicator is currently moving horizontally, showing a lack of pressure from either side of the market. However, the neutral position leaves room for sharp activity in either direction.
The Bollinger Bands are narrow at the moment and move horizontally as price volatility remains low across the short-term charts. At press time, the indicator’s mean line presents a resistance level at the $24.96 mark, while the bottom line provides support to the bulls at $22.75
Technical analyses for AVAX/USDT
Overall, the 4-hour Avalanche price analysis issues a strong sell signal with 18 of the 26 major technical indicators supporting the bears. On the other hand, none of the indicators support the bulls showing little to no bullish presence in recent hours. At the same time, eight indicators sit on the fence and support neither side of the market.
The 24-hour Avalanche price analysis shares this sentiment and also issues a sell signal with 15 indicators suggesting a downwards movement against only one indicator suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing little to no buying pressure for the asset across the mid-term charts. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.
What to expect from Avalanche price analysis?
The Avalanche price analysis shows that after being rejected at the $28.00 mark, AVAX crashed back to the $24.00 mark, where it has hovered for the past three days. While the bull attempted to rise above the $26.00 mark, the move failed as the bullish momentum was too low for a breakout. Now the bearish pressure has increased, and the buying activity has dwindled across the short-term charts suggesting a downwards breakout.
Traders can expect AVAX to observe a downwards breakdown as the bearish pressure escalates. Furthermore, due to a lack of buying activity, strong downwards, movement can be expected. This suggestion is reinforced by the mid-term technical analyses suggesting a drop to the $22.00 level with a possible drop to the $20.00 mark.