The latest Avalanche price analysis reveals bearish results for the day, with the price suffering yet another loss. Continuing the downtrend that initiated on May 24, 2023, the price has now decreased by $14. The short-term trend line slopes downwards, indicating the prevailing influence of bears. As the price continues its downward trajectory, it has now reached its lowest point in the past four months.
AVAX/USD 1-day price chart: AVAX price takes a bearish slide, dropping to $14 in value
Today, the 1-day Avalanche price analysis chart continues its bearish movement, following a prolonged period of losses. The AVAX/USD price has now reached its lowest point in the past four months, plummeting to $14. The last time the coin was at this price level was on January 11, 2023, when it experienced a sudden spike. However, today it has declined after remaining above this level for over four months. Over the last 24 hours, the coin has lost 1.01 percent of its value and has suffered a 4.64 percent loss over the past week, all attributable to the ongoing bearish trend.
The market volatility has been relatively subdued, leading to the upper Bollinger band value of $16 and the lower Bollinger band value of $13. These levels provide support for AVAX as the price nears the lower band. Additionally, the Relative Strength Index (RSI) score is decreasing, reflecting selling pressure and currently registering at 32. Although still within the lower half of the neutral zone, it is trending towards the border of the oversold region. The moving average (MA) is currently positioned at $14.44.
Avalanche price analysis: Recent developments and further technical indications
In the 4-hours Avalanche price analysis, bearish indications are evident as the price drops to $14, despite the initial upward breakout at the beginning of the trading session. Over the past four hours, there has been a consistent decline in the price, although it is currently attempting to recover from the downward movement. Notably, the price is currently below the moving average value of $14.10. During this time period, volatility has been high, with the price experiencing rapid oscillations throughout the day.
At present, the upper Bollinger band is at $14.9, while the lower Bollinger band is located at $13.7. If the downward movement continues, the price is expected to approach the lower band soon. Additionally, the Relative Strength Index (RSI) score is showing signs of decline, currently positioned at 34, which is below the average level. This suggests that the price is approaching the oversold region.
Avalanche price analysis: Conclusion
Both the 4-hour and 1-day Avalanche price analyses indicate that AVAX is facing challenges at the $14 level and is actively seeking support as the bearish momentum persists. The price has been consistently declining for the past three days. If the Relative Strength Index (RSI), as observed on the 4-hour chart, continues its downward trajectory and enters the oversold region, it would serve as another indication of a potential extension of the bearish trend.
