Avalanche price analysis shows that the AVAX/USD market has been bearish today after losing a lot of value. The market opened at $21.77 and traded as high as $22.35 before it started to fall. Support for the market is present at $20.45, and if the market can hold above this level, it may start to rise again. However, if the market breaks below this support level, it may fall to $19.50.
Resistance for the market is present at $22.35, and if the market can break above this level, it may rise to $23.50. The AVAX/USD has decreased by 6.31 percent in the last 24 hours, and it currently trades at $20.83. The market’s trading volume has been $486 million in the last 24 hours, and the market’s capitalization is $5.9billion.
AVAX/USD 24-hour price chart: Bearish trend continues
The daily price chart for Avalanche price analysis shows that the market has been in a bearish trend since yesterday. The market fell to a low of $20.83 today, and it is currently trading near this level. The bears are in control of the market, and they are likely to push the market lower in the near term. The bulls will need to make a strong comeback in order to take control of the market.
The RSI for the AVAX/USD market is currently at 33.03, which indicates that the market is oversold. The market may start to rise if the RSI can move back above 50.00. However, if the RSI falls below 30.00, the market may fall to $18.00. The MACD for the AVAX/USD market is currently in bearish territory, and it is likely to remain in bearish territory in the near term. The Bollinger bands show that the market is oversold, and the market may start to rise if it can move back above the middle Bollinger bands.
AVAX/USD 4-hour price chart: AVAX/USD suffers devaluation at $20.83
The hourly Avalanche price analysis reveals that the market was following a descending channel pattern since yesterday. The market broke below this channel today, and it fell to a low of $20.83. The market is currently trading near this level, and if the market can hold above $20.83, it may start to rise again. However, if the market breaks below this level, it may fall to $19.80.
The 4-hour technical indicators are bearish right now as the Bollinger band is currently below the middle Bollinger band, which indicates that the market is bearish. The Moving Average Convergence Divergence (MACD) is below the zero line, which indicates that the market is bearish right now. The Relative Strength Index (RSI) is below the 50 level, which indicates that the market is currently oversold.
Avalanche price analysis conclusion
To conclude, Avalanche price analysis shows that the market looks set to continue its bearish trend as the prices have sought support at the $20.45 level. The market looks set to continue its bearish trend as the technical indications point to the downside. The Coin struggles to stay afloat as it plummets to $20.83 in the market crash. It is advised to the investors to hold their investments as the market looks set for a rebound in the near future.
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