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Avalanche price analysis: AVAX declines to $27.9 maintaining bullish dynamics

Avalanche price analysis: AVAX declines to $27.9 maintaining bullish dynamics
TL;DR Breakdown
  • Avalanche price analysis is bullish today.
  • The strongest support is present at $25.2.
  • The strongest resistance is present at $28.3.

Today’s Avalanche price analysis shows a partial bearish trend gaining momentum with further bullish possibilities. AVAX/USD is currently trading at $27.9, down 5.64% in the past 24 hours, with a trading volume of $856,725,084. The market capped yesterday in a crashing momentum and is opening today with hopeful bullish signs adding to yesterday’s spike above the $28 mark. In addition, the volatility decreases, giving the bulls more opportunity for a tremendous comeback. The live market cap of AVAX is $7,923,202,426, and it ranks #12 in the cryptocurrency rankings.

AVAX/USD 4-hours analysis: Latest developments

Avalanche price analysis indicates market volatility following a decreasing trend, which means AVAX/USD prices are decreasingly prone to fluctuating volatility. The Bollinger’s band’s upper limit is $29.8, which acts as the most substantial resistance for AVAX. Conversely, the lower limit for the Bollinger’s band is available at $25.2, 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. As a result, bears have been taking care of the market for the last few hours and will maintain their momentum. However, the price appears to show increasing dynamics by moving towards the resistance; the trend might soon shift to a positive one instead if the bulls play their cards right.

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

The Relative Strength Index (RSI) is 57, which puts cryptocurrency in a stable state. However, we can trace the RSI following an upward path in the upper neutral region, indicating the dominance of buying activity. If the RSI decides to move further towards a dominant buying 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

Avalanche price analysis shows market volatility following an inclining trend, indicating that the probability of AVAX/USD experiencing fluctuations increases. The upper limit of the Bollinger band is present at $28.3, which acts as the most substantial resistance for AVAX. Conversely, the lower limit for the Bollinger band is $20.3, which is the strongest support for AVAX.

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

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

Avalanche price analysis reveals that the Relative Strength Index (RSI) is 68, indicating an inflated cryptocurrency. Furthermore, the price appears to have found a stable point and anchored itself to that point; however, the point lies in the overvalued region, and the price will be forced to move from it sooner or later. The RSI follows a linear path exhibiting signs of the cryptocurrencys’ stable value, a movement towards stability, and equivalent buying and selling activities.

Avalanche Price Analysis Conclusion

The conclusion of the Avalanche price analysis indicates that the cryptocurrency behavior suggests that it is following a partial 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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