Avalanche price analysis for today shows the digital asset has declined massively after a brief bullish trend over the weekend. The bearishness in the market is currently being seen as investors are selling off their positions in the market. The support for AVAX price is present at $21.8, which is the level where the digital asset found buyers on Sunday. The next support lies at $20.5, which is the 50-day simple moving average.
The digital asset is currently trading at $22.17 and is down by 8.09 percent in the last 24 hours. The market capitalization of the digital asset has also declined to $6.3 billion. The 24-hour volume traded in the market is $508,344,397.35, which is lower than the 30-day average volume. The recent decline has also seen AVAX drop below the 20-day moving average ($22.27). This suggests that the bears are in control of the market.
The general market has witnessed a sell-off in the last few hours as Bitcoin price has dropped below $22000. Ethereum’s price is also down by over percent and is trading at $1,529.50. The bearishness in the cryptocurrency market has led to a decline in the price of AVAX.
AVAX/USD price analysis on a daily chart: Bears heighten selling pressure, AVAX plummets below key support of $23
Avalanche price analysis in the daily chart indicates that the digital asset has been on a declining trendline formed in the last 24 hours. The price has broken below the key support of $23 and is currently testing the $22.50 level. The digital asset is likely to find support at $22. If the price breaks below this level, it can drop to $21.5. The next support lies at $20.5 where the bulls are expected to defend the price. The moving averages are currently bearish as the 20-day moving average ($22.27) has crossed below the 50-day simple moving average ($22.70). This indicates that the path of least resistance is to the downside and the bears are in control of the market.
The Relative Strength Index (RSI) indicator on the daily chart shows that the digital asset is currently in the oversold region. This indicates that the selling pressure in the market is currently high. The MACD indicator is also bearish as the moving averages are about to cross below the signal line. This indicates that the bears are likely to gain more control over the market in the near term.
AVAX/USD price analysis on a 4-hour chart: AVAX plummets below key support levels
Avalanche price analysis on a 4-hour chart indicates the bears have completely dominated the market. The digital asset has broken below the key support levels of $23 and $22.50 and is currently testing the $22 level. The market is expected to continue its decline as the moving averages are bearish. The exponential moving average (EMA) of 10 periods has crossed below the EMA of 20 periods, which is a bearish sign. The RSI indicator on the 4-hour chart shows that the digital asset is currently in the oversold region. The RSI is currently residing at 38.75, which is close to the oversold levels. This indicates that the selling pressure in the market is likely to continue.
The MACD indicator on the 4-hour chart is completely in the bearish territory as it is below the red signal line and the candlesticks are also below the moving averages. This indicates that the price is likely to continue its decline in the near term.
Conclusion
The recent decline has seen AVAX drop below key support levels of $23 and $22.50.Our Avalanche price analysis concludes that the digital asset is likely to find support at $22. The market is expected to continue its decline as the technical indicators are bearish.
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.
