Avalanche price analysis shows signs of bearish activity as the bears have returned to the market. The bulls have been unable to push the price above the resistance level of $20.84, and it appears that they are losing steam. Avalanche has been trading sideways since the beginning of today and recently dipped below the resistance at $20.84, which could indicate a further decline in price. The trend is in favor of bears today as a price deficit has been recorded and the price has lowered up to $19.14 in the last 24 hours.
The price is likely to remain range-bound until new catalysts appear that will indicate a change in the market’s sentiment. If the current trend continues, AVAX could reach its support level of $18.70 in the near future. A further decrease in price can be expected if the bears remain in control and push the price down to its next support level of $18.79. On the other hand, there is a possibility of bullish momentum taking over as buyers start to enter the market and push AVAX back up above the resistance level of $20.92.
Avalanche price analysis 1-day chart: AVAX value depreciates up to $19.14 level
The 1-day Avalanche price analysis confirms a decrease in price value after the bearish return. The bears have made a strong case for the downward trend by pushing the price down to $19.14. The 24-hour trading volume of Avalanche has also decreased, indicating a bearish market sentiment. The bulls are losing steam, and the bears have taken control of the market. The market capitalization for the AVAX/USD pair stands at $6.25 billion, with a 24-hour trading volume of $689 million. The moving average (MA) value is present at $19.49, indicating a bearish trend.
The moving average convergence and divergence (MACD) indicator is still in the bearish zone, and the MACD line is below the signal line, indicating a possible further decrease in price. The histogram indicates red bars, which is a sign that the momentum of the coin has shifted to the bearish side. The relative strength index (RSI) score is at 54.46 and is in the neutral zone, indicating a lack of buying pressure.
AVAX/USD 4-hour price chart: Latest development
The 4-hour price analysis for Avalanche shows a bearish trend, as the price has decreased by 8.02 percent. The bulls have failed to break the resistance level of $20.84 and are losing steam, indicating that the bearish trend is likely to remain in place for some time. AVAX is currently trading at $19.14 and may continue to decline further if the bears remain in control of the market.
Looking at the hourly chart, the AVAX/US price is below the 21-day moving average. The moving average convergence and divergence (MACD) indicator is in the bearish zone, and the histogram indicates red bars, indicating a strong bearish sentiment. The relative strength index (RSI) score is also at 38.25, signaling weak buying pressure. All these indicators confirm that the bears are in control and suggest a possible further decrease in price for AVAX.
Avalanche price analysis conclusion
Overall, the 1-day, 4-hour, and hourly Avalanche price analysis suggests that the coin is in a bearish territory at the moment. The bullish momentum has subsided, and the bears appear to be in control. The price is likely to remain range-bound until new catalysts emerge that will indicate a shift in investor sentiment. A further decrease in price can be expected if the bears remain in control, while there is also the possibility of bulls taking over and pushing AVAX back up above the resistance level of $20.84.
