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Avalanche price analysis: AVAX/USD continues to retrace lower after setting a local high at $14.34

TL;DR Breakdown

  • Avalanche price analysis has very mixed sentiments today, but the overall trend has been bearish
  • The local high is currently set at $14.34
  • AVAX/USD has mostly consolidated sideways in a range of $13.45 and $13.58
  • This is not a suitable time to buy Avalanche for any short-term gains

Today, the Avalanche price analysis is quite bearish. The market has marked a decrease for the second day in a row after setting a local high at $14.34 yesterday. At this point, Avalanche faced resistance from the bears as they started pulling the market down.

COIN360
Cryptocurrency heat map by Coin360

The overall market seems to have mixed sentiments today. Bitcoin and Ethereum are positive. However, Dogecoin, Cardano, and Litecoin along with a few other altcoins are struggling to stay in the green zone. It is clear that the bears are having an upper hand.

1-day Avalanche Price Analysis
Avalanche Price Chart by TradingView

If we look at the 1-day Avalanche price analysis chart, it appears that the next 24 hours are going to be even more bearish for Avalanche. Firstly, the resistance is still strong. The RSI on the 1-day Avalanche price analysis is somewhat balanced. But the MACD indicator shows that the market is slowly shifting toward the negative side. Furthermore, a crossover in the MACD lines is impending.

Combining all of these factors, we can say that Avalanche is not going to recover further upwards and is going to retest the support around the $11.9 mark.

Avalanche 24-hour price analysis

In the last 24 hours, Avalanche has mostly consolidated sideways while trading between a range of $13.45 and $13.58. The market is lacking any significant volatility due to an ongoing tug-of-war between the bears and the bulls.

Overall, the market cap of Avalanche has remained unchanged. The trading volume has gone down by 34.72 percent, though. This has brought its 24-hour volume-to-market cap ratio to 0.0289.

4-hour Avalanche price analysis: AVAX/USD is still consolidating sideways

4-hour Avalanche Price Analysis
Avalanche Price Chart by TradingView

The 4-hour Avalanche price analysis chart shows that AVAX/USD faced significant resistance at $14 and retraced all the way down to $13.41 where it set new local support. Since then, it has been consolidating sideways. However, the overall sentiment on the 4-hour chart is relatively positive right now.

Unfortunately, the market’s sentiments are not very positive right now, which means that Avalanche will either continue consolidating in the next interval or it might fall lower. Either way, the uncertainty in the market is huge and hence, it is not a good idea to buy Avalanche for any short-term gains right now.

Avalanche price analysis: Conclusion

Avalanche price analysis charts have been facing mixed sentiments lately. The 4-hour chart shows positive growth while the daily chart is showing an overall negative trend. Regardless of this uncertainty, Avalanche seems to be consolidating sideways. Hence it is not a good time to buy it for any short-term gains. However, for long-term, you may want to read our Avalanche price prediction.

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.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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