TL;DR Breakdown
- Avalanche price analysis is in favor of the bearish side.
- Resistance for AVAX is present at $14.9.
- Support for AVAX/USD is present at $13.9.
Avalanche price analysis shows bearish price action after the elongated bearish slide. Bears are covering a downwards range today, which has further deteriorated the circumstances for the token. The bears have been quite aggressive for the past two days, but today, the downfall has sped up as the decrease in price is steep, and the token price has reached a $14 low. The price function was headed upwards at the start of the week, but later on, bears made an impactful comeback and have been ruling the market since May 29, 2023.
AVAX/USD 1-day price chart: The downward trend of the price carries on for the third day
The one-day Avalanche price analysis shows that the bearish momentum has continued in the past 24-hours. Although the cryptocurrency faced loss in the past few days, the bulls still stand helpless, and the price levels continue sinking. The price is now settling at the $14 mark at the time of writing, after the latest decrease. The coin is reporting a 2.6 percent loss in value and the trading volume has also decreased by 5.20 percent over the last day, which has resulted in market dominance of 0.43 percent.
The volatility for AVAX/USD pair is mild as the Bollinger bands are expanding slowly, with the upper band at $13.33 representing the strongest resistance and the lower band at $13.9 representing the strongest support for AVAX, the average of the indicator is forming at $14.6, and the price is trading far below the mean average of the indicator, moving towards the lower band.
The SMA 20 continues to trade below the SMA 50 curve, which is a bearish indication as the moving average (MA) is present at the $14.4 level. The relative strength index (RSI) is also on a steep downwards slope at index 36, indicating selling activity in the market.
Avalanche price analysis: Recent developments and further technical indications
The 4-hour Avalanche price analysis shows bears are leading the price function for the past few hours, dodging the bullish trend, the 4-hour chart shows that after continuous selling pressure, the support has finally arrived as the price is currently increasing at $14.
The volatility is high on the 4-hour chart, as the volatility indicator is covering more area. The upper limit of the Bollinger bands is at $14.9, which represents resistance for AVAX/USD, and the lower band is present at $14, which represents support for AVAX. The RSI shows a straight horizontal movement and is present in the lower half of the neutral zone at index 35. The RSI being neutral still indicates the bearish pressure in the market.
Avalanche price analysis conclusion
Avalanche price analysis suggests the price has decreased further, and bullish efforts have been quite weak and the trend is expected t remain bearish. If selling pressure remains persistent, then the cryptocurrency value may decrease further today as a downwards trend has been seen engulfing the market.
文章来源于互联网:Avalanche price analysis: Avax succumbs to bearish pressure, leading to a price drop to $14