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Avalanche price analysis: AVAX sits within $11-12 range with bears in control

Avalanche price analysis

TL;DR Breakdown

  • Avalanche price stuck in horizontal trend around $11.7-$12.8
  • Bears currently in control of price with possibility of $9 drop
  • Next key resistance to be found at $14

Avalanche price analysis continues to show bears in control of price action, as the token extended its horizontal trend that has been in place since the start of November. After dropping below the $13 mark on November 27, AVAX has settled within a narrow horizontal range of $11.74-$12.83 with bears in control and possibility for price to drop down to $9 intact. Whereas if buyers gain momentum, the next resistance point may be found at $14. Price is currently testing support at $11 which was triggered after former support of $12 broke down, after initially the token had pushed up to $20 on November 4.

The larger cryptocurrency market saw significant increments made across the board, as Bitcoin grew 4 percent to move within touching distance of the $17,000 mark. Ethereum made an important 8 percent jump to consolidate above $1,200, whereas major Altcoins also mimicked upward trends. Ripple gained 5 percent to sit at $0.40, whereas Cardano rose 4 percent to move as high as $0.316. Meanwhile, Dogecoin made a massive jump worth 15 percent to move up to $0.108, and Polkadot gained 7 percent to jump up to $5.46.

Screenshot 2022 11 30 at 1.09.24 AM
Avalanche price analysis: Cryptocurrency heat map. Source: Coin360

Avalanche price analysis: AVAX trading below crucial EMAs on daily chart

On the 24-hour candlestick chart for Avalanche price analysis, price can be seen continuing largely along a horizontal trend that initiated last week around the $13 mark. Since then, price has dropped off and has been testing the $11 support with bears mostly being in control. Over the past 24 hours, AVAX has dropped past the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $12.71. Trading volume over the past 24 hours dropped 7 percent, whereas market capitalisation grew up to $4 billion.

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Avalanche price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) for Avalanche price analysis shows a steep rise over the past 24 hours to indicate slight market interest to move up to 43.49. The RSI indicates a stagnant market interaction over the past week, but further growth up to around 55 could indicate price movement upwards of the $14 resistance. In addition, the moving average convergence divergence (MACD) curve also shows a bullish divergence in place to indicate a buy signal.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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