Avalanche price analysis shows a downtrend in the price of AVAX. After opening at today’s low of $19.66, the coin has been in a steady decline, losing more than 4.19 percent of its value since then. At press time, AVAX is trading at $19.08 and is struggling to stay above the support level of $18.52, which has been a key support area for the coin in recent days. The immediate resistance level for AVAX is seen at $20.26, which has been a major hurdle for the crypto since its strong surge on the previous day.
The selling pressure on the coin is likely to increase if it fails to recover above the immediate resistance level. If AVAX manages to break this barrier, then it could reach its next major hurdle at $22.69. On the flip side, if the bearish pressure continues and AVAX falls below the support line of $18.52, then it could possibly test the next major support level at $17.22.
Avalanche price analysis on 4-hour chart: AVAX trades in a bearish channel
On the 4-hour chart, Avalanche price analysis is trading in a bearish channel and appears to have lost its upside momentum. The coin has broken below the lower trend line of the formation and is likely to test the next major support point at $17.22 in the near term, The previous day the market gained significantly and AVAX was trading above the $20.26 resistance level, however, it failed to sustain those levels and currently trading further below.
The technical indicators for AVAX are moving in a bearish zone with MACD and signal line crossing over into negative territory while RSI is seen at 53.68 which indicates that the market is in a bearish zone and selling pressure could increase further. The 50-day moving average is also hovering below the 100-day moving average which suggests that the trend could remain bearish.
Avalanche price analysis 1-day price chart: AVAX faces a hurdle at $20.26
The one-day Avalanche price analysis is declaring the bearish lead as the price has decreased consistently during the last few hours. A downward trend has been going on as the price has moved down to the $19.08 level. The price has decreased significantly as the bearish momentum has been intensifying for the last few days. The moving average in the four hours price chart is standing at the $18.27 level, just above the SMA 50 curve.
The moving average convergence divergence (MACD) is standing bearish and the signal line has crossed the MACD line, indicating that selling pressure could increase further. The relative strength index (RSI) is currently seen at 53.05 which suggests that AVAX might continue to decline until it reaches its next strong support level of $17.22.
Avalanche price analysis conclusion
Avalanche price analysis shows that AVAX is currently trading in a bearish trend and facing resistance at the $20.26 level. The coin has broken below its immediate support level of $18.52 and is likely to test the next major support point at $17.22 if it fails to recover above the current resistance level. The technical indicators such as MACD and RSI are in the bearish zone, indicating that the trend could remain bearish for some time.
