The Avalanche price analysis shows that the cryptocurrency has undergone a loss today. After the bullish price function of yesterday, the bearish pressure has returned, and bears have taken the lead again. The bears have caused a decrease in the price up to $11.32 and have been able to retain their position as the leading party. The high selling activity is causing the price to downgrade further and has defeated the buyers in their attempt at revival. The overall cryptocurrency market is under bearish pressure as most coins are reporting losses today.
Avalanche price analysis: AVAX takes backward flight as bears lead
The 1-day price chart for Avalanche price analysis shows that a drop in the AVAX price value has taken place today. There have been some bullish efforts in the past week as well, as there are some green candlesticks visible as well. But the bears have been mostly at the lead throughout, and they are still succeeding in maintaining it as the price has gone down to $11.32 today after the recent drop.
The moving average line is also going downwards, which indicates that the bearish pressure on the cryptocurrency has been consistent throughout. Furthermore, the MACD line has been below the signal line, which indicates that bears are still in control. The Relative Strength Index has been mostly at the level of 37.98, which implies that AVAX is neither overbought nor oversold.
AVAX/USD 4-hour price chart: Avalanche price levels continue sinking
The 4-hour Avalanche price analysis shows that the price function is headed down once again as the price levels are continuously sinking. The bears are pulling down the price levels, and currently, they have reached the $11.32 level as AVAX/USD still looks for support.
The moving average is still trading above the current price level at $11.54 because of the bullish efforts that followed yesterday. The short-term trending line is steeply downwards, which is a major bearish signal. The Moving average convergence divergences (MACD) line is also below the signal line, which implies that bears are still in control of AVAX/USD. The Relative Strength Index (RSI) is in the neutral zone at 43.87, which suggests that AVAX price analysis shows neither overbought nor oversold conditions.
Avalanche price analysis conclusion
To sum up, the Avalanche price analysis is under bearish pressure as the price levels keep falling. The price has moved down to $11.32 after the recent drop, and there are no signs of a reversal yet. The bullish efforts have not been able to break the bearish trend, as the support levels at $11.32 have not been breached yet.