logo

Avalanche price analysis: AVAX loses tremendous value at $18.78

Avalanche price analysis
TL;DR Breakdown
  • Avalanche price analysis shows a bearish market sentiment
  • AVAX prices are facing resistance at $19.08
  • Key support for AVAX prices is seen at $18.50

Avalanche price analysis shows that AVAX prices are currently in bearish market sentiment. Prices have been on a downtrend for the last few hours and have currently found some support at $18.50. Key resistance for AVAX prices is seen at $19.08, and a breakout above this level could see prices head back towards the $19.30 region. However, if prices fail to break out above $19.08, then we could see AVAX prices retrace back down to $18.00 support levels.

The digital asset has a trading volume of $208million. At the time of writing, AVAX was trading down by 0.60 percent at its current price of $18.78. The cryptocurrency has a total market cap of $5.5 billion and is currently ranked at number 44 on CoinMarketCap’s list of largest cryptocurrencies by market cap.

AVAX/USD 1-day price chart: AVAX prices could decline further

The daily chart for Avalanche price analysis shows that the digital asset has been in a downtrend as the buyers have not been able to push prices above the $19.08 resistance level. A bearish head and shoulders pattern is also forming on the daily chart, which could see prices fall back down to $18.50 support levels if the $19.08 resistance is not broken soon.

image 70
AVAX/USD 1-day price chart. Source: Tradingview

The RSI indicator for AVAX/USD is currently around the 42 level, which shows that the digital asset is in neither overbought nor oversold conditions at the moment. The MACD indicator for AVAX/USD is currently in the bearish territory as the signal line (blue) is above the histogram (red). This shows that prices could continue to fall in the short term. The EMA ribbon indicator is also bearish as the ribbon is currently heading downwards.

AVAX/USD 4-hour price chart: Declining market trend

The hourly chart for Avalanche price analysis shows that the market has started trading in a range between $19.08 and $18.50. A breakout from this range could see prices head towards the $20 region. The bulls were currently in control of the market for the last 4-hours as they pushed prices from the $18.50 support up to the current levels.

image 69
AVAX/USD 4-hours price chart. Source: Tradingview

The RSI indicator is currently below the 50 level, which shows that the market is currently in bearish momentum. The MACD indicator is currently in the bullish territory as the signal line (blue) is below the histogram (red), but a crossover could see prices head back down to $18.50 support levels. The bears are in control of the market as the EMA ribbon is currently heading downwards.

Avalanche price analysis conclusion

To conclude, the Avalanche price analysis shows that the market is currently in a bearish trend as prices are currently at $18.78.The bears and the bulls are currently fighting for control of the market, but the bears seem to be in control at the moment. Prices could continue to decline if the $19.08 resistance is not broken soon.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

Related News

Hot Stories

Best crypto memes of the day - October 3rd
IOST Price Prediction 2022 - 2031: Is IOST A Good Investment?
Best Twitter threads of the day - October 3rd
Top crypto news of the day - October 3rd
DeSo is Elon Musk and Jack Dorsey’s Answer for Decentralized Social Blockchain

Follow Us

Industry News

Access point nodes: How can they be of service?
Celsius destabilizes the crypto market. Are investors in trouble?
What's going on with Credit Suisse?
Weekly crypto price analysis: BTC, ETH, XRP, BNB, ADA, and SOL
Solana restarted for the 8th time. What went wrong this time?