1. BITBILIHome
  2. Article

Avalanche price analysis: Avax succumbs to bearish pressure, leading to a price drop to $14

• 147 views

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.

avax1dopaAvalanche price analysis: Avax succumbs to bearish pressure, leading to a price drop to
AVAX/USD 1-day price chart. Source: TradingView

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.

avax4hpsAvalanche price analysis: Avax succumbs to bearish pressure, leading to a price drop to
AVAX/USD 4-hour price chart. Source: TradingView

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.

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.

文章来源于互联网:Avalanche price analysis: Avax succumbs to bearish pressure, leading to a price drop to $14

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月4日 13:05
Next 2023年6月4日 15:10

Related articles

  • U.S. Lawmakers push for a new bill to hold bank executives accountable for collapses

    TL;DR Breakdown Democrats from the United States House Financial Services Committee have introduced a series of bills, which they described as the “first wave” of legislation in an effort to address failures at major banks.  The legislation includes various provisions, such as the imposition of fines and a ban on bank executives from future work in the industry if they are found to have negligently contributed to their bank’s failure. The proposed bills also seek to grant regulators the authority to prohibit bank executives from selling stock under certain circumstances. Description In an effort to address failures at major banks, Democrats from the United States House Financial Services Committee have introduced a series of bills, which they described as the “first wave” of legislation. The proposed measures are a response to the collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank in the United … Read more In an effort to address failures at major banks, Democrats from the United States House Financial Services Committee have introduced a series of bills, which they described as the “first wave”…

    Article 2023年6月24日

  • U.S. drops this charge against Sam Bankman-Fried

    TL;DR Breakdown US prosecutors have dropped a campaign contribution charge against Sam Bankman-Fried, the FTX founder. SBF still faces other serious charges, including fraud and conspiracy. A court-imposed gag order restricts him from leaking trial information. Description In an unexpected turn of events, U.S. prosecutors declared a concession in the ongoing legal battle against Sam Bankman-Fried, founder of FTX. Amid a myriad of allegations, one count of illicit campaign contributions stands out – and now, it’s off the table. Bankman-Fried recently emerged from a courtroom hearing where the threat of his $250 … Read more In an unexpected turn of events, U.S. prosecutors declared a concession in the ongoing legal battle against Sam Bankman-Fried, founder of FTX. Amid a myriad of allegations, one count of illicit campaign contributions stands out – and now, it’s off the table. Bankman-Fried recently emerged from a courtroom hearing where the threat of his $250 million bail being revoked loomed large. Yet, amid the tension, there was a sliver of relief for the embattled founder. The campaign contribution charge, one of the 13 counts Bankman-Fried…

    Article 2023年7月28日

  • North Korean hackers use Russian exchanges to move stolen crypto

    TL;DR Breakdown Recent data from Chainalysis estimates $3.54 billion in stolen Bitcoin, spotlighting North Korea’s role in cybercrime. Revelations about North Korea’s cyber activities emerge amid diplomatic talks between Russian President Vladimir Putin and North Korean leader Kim Jong-Un. This year, cryptocurrency stolen by North Korean hackers amounted to over $340 million. Description Recent data reveals alarming trends in the world of cybercrime. On September 14, Chainalysis, a leading on-chain analytics firm, estimated a staggering $3.54 billion in stolen bitcoin. Besides pinpointing the culprits, the report sets the spotlight on North Korea. The country is escalating its illicit activities in the cyber realm. Moreover, it appears to be … Read more Recent data reveals alarming trends in the world of cybercrime. On September 14, Chainalysis, a leading on-chain analytics firm, estimated a staggering $3.54 billion in stolen bitcoin. Besides pinpointing the culprits, the report sets the spotlight on North Korea. The country is escalating its illicit activities in the cyber realm. Moreover, it appears to be joining forces with hacker groups operating through Russian exchanges. Significantly, these unsettling revelations come…

    Article 2023年9月17日

  • Hong Kong secures top spot for crypto adoption readiness in 2023 – Reports

    TL;DR Breakdown Hong Kong retains its position as the most crypto-readiness jurisdiction in 2023, followed by Switzerland and the United States. India leads global crypto adoption surge in 2023. Netherlands stood out, showing the highest interest per person when it comes to individual interest in crypto. Description Hong Kong has emerged as the world’s best-prepared jurisdiction for widespread cryptocurrency adoption in 2023 for the second consecutive year. A comprehensive study assessing factors like the presence of crypto infrastructure, accessibility, legality, and overall reach has unveiled that Hong Kong secured the top spot with a Crypto Readiness Score (CRS) of 8.36. Hong Kong … Read more Hong Kong has emerged as the world’s best-prepared jurisdiction for widespread cryptocurrency adoption in 2023 for the second consecutive year. A comprehensive study assessing factors like the presence of crypto infrastructure, accessibility, legality, and overall reach has unveiled that Hong Kong secured the top spot with a Crypto Readiness Score (CRS) of 8.36. Hong Kong faced stiff competition from the United States and Switzerland, which maintained their positions in the top three. However, the United…

    Article 2023年9月16日

  • Apple’s Vision Pro headset faces production challenges, revised targets ahead

    TL;DR Breakdown Apple’s Vision Pro headset production targets have been revised down to fewer than 400,000 units in 2024, due to manufacturing challenges and the device’s complex design. High-resolution inward displays for the headset have posed difficulties for suppliers, leading to yield issues and lower productivity. Plans for a more affordable version of the headset have been delayed, but Apple remains committed to overcoming production obstacles and delivering a groundbreaking product to its customers. Description Apple Inc., the technology giant known for its innovative products, is facing significant hurdles in the production of its highly anticipated mixed-reality Vision Pro headset. According to sources close to the matter, manufacturers are struggling with the device’s complex design, leading to a revision of production targets. The Financial Times reported that Apple is now … Read more Apple Inc., the technology giant known for its innovative products, is facing significant hurdles in the production of its highly anticipated mixed-reality Vision Pro headset. According to sources close to the matter, manufacturers are struggling with the device’s complex design, leading to a revision of production targets….

    Article 2023年7月5日
TOP