Avalanche price analysis: AVAX/USD price slip below $18.00 after bears strike

TL;DR Breakdown

  • Avalanche price analysis is bearish today
  • Resistance for AVAX/USD is present at $18.10
  • Support for Avalanche is present at $17.01 

Avalanche price analysis reveals that AVAX/USD is bearish today after a long bullish run. The selling pressure is now pushing the price of AVAX/USD back down to its previous levels. The bears have taken control of the market and pushed the price below $18.00. The price has dropped by over 4.43 percent in the last 24 hours and is at $17.15 as of the time of writing.

The market sentiment is currently bearish, and the bears are attempting to push AVAX/USD further down. The current resistance for Avalanche is present at $18.10, which may be difficult for the bulls to breach in the near term. If the bears are able to push the price below this level, it may result in a further price decline. On the other hand, support for Avalanche is present at $17.01, which may help to stem any further losses if the price dips below it.

Avalanche price analysis 1-day chart: Bears drop AVAX/USD down to $17.15

The daily chart for Avalanche price analysis shows that the bears have taken control of the market and pushed AVAX/USD down to $17.15. The market opened today’s trading session at $18.09 with a lot of bullish momentum. However, the bears soon took control of the market and pushed AVAX/USD down to its current levels. The 24-hour trading volume is still in the positive zone, indicating that there is still a strong demand for Avalanche in the market, however, the market cap has dropped to $5.5 billion.

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

The technical indicators reveal that the MACD is heading toward the bearish territory suggesting that there could be further losses ahead as bears remain firmly in control of this altcoin‘s market sentiment. The moving average(MA) of the AVAX/USD pair is currently at $16.78 and is starting to move down, indicating a bearish trend and that the price could soon drop further in the near future. The RSI indicator is in neutral territory at 51.19, which suggests that there is no clear trend prevailing at the moment.

Avalanche price analysis 4-hour chart: Bear is now firmly in control

The 4-hour chart for the AVAX/USD pair shows that the bears have taken full control of the market and are driving the price down further. The red candles have formed a bearish pattern, indicating that the selling pressure could be extended further in the near term. The bull and bears are locked in a battle as the current support level of $17.01 is being tested by the bears.

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

The hourly technical indicator for the AVAX/USD pair reveals that the Moving averages are falling and heading toward the bearish territory. The 50-day MA is now at $17.19, while the 200-day MA is at $17.19, indicating that there could be further losses ahead as the bearish trend continues to dominate. The RSI has also dropped toward 50, signaling that bears could remain in control of this altcoin’s market sentiment for some time. The MACD indicator is in negative territory and is trending downwards, with the signal line and histogram both pointing to further losses ahead.

Avalanche price analysis conclusion

Overall, Avalanche price analysis is bearish today and AVAX/USD has slipped below the $18.00 level after the latest bears strike. The market looks set to continue its downward trend in the near term as selling pressure appears to be easing. However, if the bulls can manage to mount a strong defense of the $17.01 support level, then we could see AVAX/USD make a recovery in the coming sessions.

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.
Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.