TL;DR Breakdown
- Avalanche price analysis suggests a downward movement to $11.00
- The closest support level lies at $11.50
- AVAX faces resistance at the $12.30 mark
The Avalanche price analysis shows that the AVAX price action has been rejected at the $12.30 mark and moves back to the $11.00 price level.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements with low volatility. Major players include ADA and XMR, recording a 3.00 percent and a 2.09 percent incline, respectively.
Avalanche price analysis: AVAX rejected at $12.30
The MACD is currently bearish, as expressed in the red colour of the histogram. Moreover, the indicator shows strong momentum as observed in the steep depth of the histogram. Furthermore, the darker shade of the histogram suggests an increasing bearish momentum as the price falls toward $11.00.
The EMAs are currently trading high above to the mean position as net price movement over the last ten days remains positive. Moreover, the two EMAs trading at distance shows high momentum. Furthermore, the diverging indicators suggest an increasing bearish momentum across the 4-hour charts.
The RSI briefly rose to the overbought region but has since moved back into the neutral zone as the price action was rejected at $12.30. Currently, the index is trading at the 46.35 unit level with a slight downward slope. The indicator does not issue a signal at the moment but the slope suggests bearish pressure at the time.
The Bollinger Bands are currently wide but show convergence as the price action faces rejection at the $14.00 mark. The indicator’s bottom line provides support at the $11.15 mark while the upper limit presents a resistance level at the $12.30 mark.
Technical analyses for AVAX/USDT
Overall, the 4-hour Avalanche price analysis issues a sell signal, with 10 of the 26 major technical indicators supporting the bears. On the other hand, only six of the indicators support the bulls showing a strong bullish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.
The 24-hour Avalanche price analysis shares this sentiment and also issues a sell signal with 12 indicators suggesting an upwards movement against only five suggesting a downward movement for the asset across the timeframe. The analysis shows bearish dominance across the daily frame with a significant bullish presence still existing. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.
What to expect from Avalanche price analysis?
The Avalanche price analysis shows that after rising to the $12.30 mark, the price action failed to climb any further and was rejected at the level as the bulls were overextended. At press time, the price has fallen to $11.50 as the bears continue pushing.
Traders should expect AVAX to move downwards to the $11.00 mark as the price action observes a correction for the steep bullish movement. As the 4-hour analysis shows a bullish presence, the price can be expected to stop at the $11.00 mark, however, in case of a downward breakdown, the next support level lies at the $10.00 mark.
