Avalanche price analysis: Bears are dominating the market as prices drop to a new low of $19.95

Avalanche price analysis

TL;DR Breakdown

  • The Avalanche price analysis is bearish today
  • Bears have taken the price levels down to the $19.95 range
  • Support for AVAX/USD is present at $19.22

The Avalanche price analysis is bearish as a decline in the price level has been observed today; the price levels have moved down to meet the $19.95 range. As bulls were active at the beginning of the day, there was a brief surge in prices. However, bears were able to make their presence felt soon after and were successful in pushing prices down even further.

The bears are inclined towards taking the price further below the current price value to keep maintaining their bearish slide that has been continuing for the past few hours. The bears have played swiftly as they have dodged past the bullish momentum that had interrupted their streak.

AVAX/USD 1-day price chart: Bears made a comeback

The 1-day price chart for Avalanche price analysis is going in favor of the bears once again, as they have regained their momentum after a short period. The price value has been pulled down, as today it has reached the value of $19.95 after getting rejected at $20.21. As the coin rallied quite high yesterday, selling pressure was expected as the price has now reached a resistance zone.

image 163
AVAX/USD 1-day price chart, source: TradingView

Meanwhile, the moving average (MA) value in the 1-day chart is found trading at the $20.43 level, below the price level. Moreover, the SMA 20 curve is far below the SMA 50 curve, which can be taken as a bearish sign as well. As the short-term trending line is still going downward, the prices are still in the hands of the bears. The 21-EMA line is also moving below the 50-EMA line and indicates that the bears are currently dominating. The Relative Strength Index (RSI) index has also followed a massive jump, as it has reached above the overbought mark and is fixed at the 65.39 level.

Avalanche price analysis: Latest developments and further technical indications

The 4-hour Avalanche price analysis indicates that the bearish momentum has resulted in a momentary decline in the price value. The price dropped to $19.95 during the first four hours of today’s trading session, but support has appeared again for AVAX as the price is again increasing at the moment as the last candlestick on the 4-hour chart is green.

image 164
AVAX/USD 4-hour price chart, source: TradingView

The moving average (MA) is trading below the price level at $19.77 after crossing above SMA50 yesterday. The RSI index is also increasing as well because of the ongoing buying trend and has reached an index of  45.20. The EMA lines are also going in favor of the bulls as the short-term EMA line is trading above the 50-EMA line. The 9-EMA line is also trading above the 21-EMA line. All these technical indications suggest that there are more possibilities of an upside movement in the coin. However, if buyers fail to push prices higher then bears can further take control of the market and bring prices back down again.

Avalanche price analysis conclusion

The Avalanche price analysis shows that the coin is heading towards a bearish state as the prices have dropped to a new low of $19.95. Support for AVAX/USD is present at around $19.22, so if bulls can break past this support then it will enable them to gain some momentum in their favor.  The overall market sentiment is bearish at the moment but if the bulls can take control then the price of AVAX could surge again.

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.
Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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