Avalanche price analysis is on the bearish side as the price has been further reduced. AVAX has been under constant pressure since today’s morning and is currently trading at $16.61. The support level for AVAX is present at $16.05 and the resistance level is present at $17.31, which means that the price of AVAX may remain bearish in the short term before it finds any kind of significant bullish pressure that could push it higher.
The buyers were in control of the market during the last few days, but now it seems that they are losing ground and the sellers are in control. Overall, some of the cryptocurrencies have been performing well lately, but today AVAX is showing some bearish pressure.
AVAX/USD 1-day price chart: Avalanche is on the bearish side.
The 1-day chart of Avalanche shows that the price has been gradually declining since earlier today and is now trading at $16.61, which is 4.36% lower than yesterday’s high at $17.31, while it has an increase of 38% for the last 7 days. Over the past 24 hours, the trading volume has decreased to $527 million, which is a decrease of -52% when compared to the previous day. The market cap of AVAX is currently at $5 billion.
The moving average (MA) is $14.40 and yesterday it surpassed the SMA 50 curve. More selling pressure for AVAX is indicated by the relative strength index (RSI), which is moving downward even though it is still close to the neutral zone’s center at index 58.81. The MACD is also in bearish territory. With the signal line and histogram moving downwards, the bearish pressure on AVAX is strong.
Avalanche price analysis: Recent developments and further technical indications
The 4-hour Avalanche price analysis reveals that the price has been declining over the past 8 hours after encountering resistance at a level of $17.31. The last instance of bullish activity came during the previous trading session, and ever since then, bears have been in control of the price function.
The moving average is traveling downward as well and is present at the $16.74 mark. The RSI is continuing its traveling in the lower half of the neutral zone at an index of 70.34. The MACD is still in the bearish territory with the red line below the blue line with the red histogram narrowing down.
Avalanche price analysis conclusion
Overall, the Avalanche price analysis shows that AVAX is on the bearish side and is likely to remain so in the short term due to the lack of any significant bullish pressure. The bulls are losing ground and the sellers are in control at the moment. Both hourly and daily chart technical indicators such as the RSI, MACD, and moving averages are in bearish territory. Therefore, AVAX is expected to remain under pressure in the near term.