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Avalanche price analysis: AVAX faces break down to $14.35 as bears take over

Avalanche
  • Avalanche price analysis appears to be bearish
  • Support for AVAX/USD is present at $14.03
  • The resistance for AVAX/USD is present at $17.87

The most recent Avalanche price analysis, reveals that the virtual currency has been on a downward trend, with values varying around $14.35. Resistance for the AVAX/USD pair is located around $17.87, while support is located at $14.03. Over the last 24 hours, the value of digital currency has declined by about 13.34%. The market capitalization of the cryptocurrency is $4.29 billion, and its daily trade volume is $188 million.

AVAX/USD 1-day price chart: Bearish wave extends after a brief interval

The one-day Avalanche price analysis shows that a bearish trend currently controls the market as a loss in coin value is observed. The price underwent recovery at the start of the week, but now the declining trend is getting quite stronger. The short-term trending line is again moving in the descending direction. AVAX/USD value is now standing at $14.35 and it is down by 13% at the time of writing. The price is now lower than its moving average.

image 147
AVAX/USD 1-day price chart. Source: TradingView

The area between the Bollinger bands is increasing, suggesting that further downtrends are coming ahead as the volatility increases. The upper band of the Bollinger bands indicator is touching the $20.67 point, whereas their lower band is present at a $17.16 margin. The Relative Strength Index (RSI) graph is currently at 55.98 indicating the market is neither overbought nor oversold.

Avalanche price analysis on 4-hour chart: Bearish trend likely to continue

The 4-hour Avalanche price analysis shows that the price is going down again after a brief escape. The bears are pulling down the price levels, and currently, they have reached the $14.33 level. The moving average is still above the current price, i.e., at $15.77, because of the bearish trend that followed in the last two days.

image 148
AVAX/USD 4-hour price chart. Source: TradingView

As the volatility is mild, the upper Bollinger band value is at the $19.88 value, whereas the lower Bollinger band value has moved down to the $14.32 level. The RSI graph is also showing downward movement, as the score has gone past the oversold value as it is 26.45 for now.

Avalanche price analysis conclusion

Avalanche price analysis sums up that the prices are currently trading in a bearish trendline, and further losses in prices are imminent. The bears are seen to be adamant about pushing the prices below the $14.35 level which is expected to act as the closest support level.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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