Analysis

Avalanche price analysis: Price function deflates at $17.28 as bearish trend continues

Avalanche price analysis: Price function deflates at $17.28 as bearish trend continues

TL;DR BreakdownAvalanche price analysis is bearish today
AVAX/USD is facing resistance at $17.37
Support for AVAX/USD is present at $16.93

Avalanche price analysis is revealing a bearish trend for today as a further decrease in price has been observed. The price has been devalued to $17.28 today as well after encountering a loss yesterday also. AVAX/USD is facing resistance at $17.37, however, a break above this level could see AVAX/USD target the $18 mark. On the downside, support for AVAX/USD is present at 16.93, and a break below this level could see the pair target the $16:50 mark. The market took a sharp turn lower over the past few hours as bears managed to push the price below the $17 mark.

The digital asset is currently range-bound between the $16 and $17 levels and is likely to remain so for the next few hours. The 24-hour trading volume has seen a slight decrease over the past few hours and is currently at $212,760,374. The total market capitalization of the asset is currently at $5,120,585,743, which is slightly higher than its previous close.

AVAX/USD 1-day price chart: Bearish trend intensifies

The one-day Avalanche price analysis is showing a bearish trend for today as the price has depreciated today as well. The bearish momentum has been continuing over the past few days, and today, the trend is the same. The price has been lowered to the $17.28 level after the latest drop. The crypto pair has been at a loss of 0.96 percent for the last 24 hours but still reports a minimal profit of 2.12 percent if observed over the past week. The moving average indicator (MA) is present at the $17.30 mark above the price level.

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

The volatility has been mild for a long time, and the situation is the same volatility-wise. The upper Bollinger band value is $17.37, which represents resistance, whereas the lower Bollinger band value is $16.93, which represents support for the cryptocurrency price. The Bollinger bands are maintaining an average of $17.28, just below the current price level. The Relative Strength Index (RSI) is present at index 39.67 in the neutral region, indicating unfavorable circumstances for AVAX, as the downwards curve of the indicator shows the selling activity in the market, which is depreciating its value.

Avalanche price analysis: Recent developments and further technical indications

The four hours Avalanche price analysis shows that Yesterday’s drop in price has been quite damaging to the market value of AVAX. The current price is still below the moving average, whose value is present at the $17.17 mark on the 4-hour chart. The price is going down once again as a bearish trend has been observed to be strengthening during the last four hours. A steady decline in price levels can be seen on the charts as the price has been following a bearish movement for the last 2 hours.

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

The Bollinger bands indicator average has decreased to $17.29, whereas the upper Bollinger band is showing a $17.36 reading, and the lower band is showing a $16.91 reading, representing high volatility range for AVAX. The RSI curve is headed downwards at index 44.86, as the bearish pressure seems immense.

Avalanche price analysis conclusion

The Avalanche price analysis report shows a downward movement in price has been observed during the last 24 hours, which is a continuation of the bearish trend. The price has dropped down to the $17.28 level because of the constant downtrend that has been following for the past few days and seems to be intensifying today. The price might go lower in the coming hours as the last candlestick on the four hours price chart is also red, and the RSI curve is also steeply downwards.

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.

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