According to a recent Avalanche price analysis, the price has decreased significantly since this morning as the bulls were not able to keep up their earlier momentum. Right now, AVAX is sitting at the support level of $12.60.
The general feeling in the market is still bearish as Avalanche drops to $12.75.The LINK/USD is down by 5. percent at the time of writing as the bulls continue to struggle to regain their foothold. The Market cap is hovering around $3,960,741,280, and a trading volume of $136,678,832 million has been recorded in the last 24 hours.
Avalanche price analysis on a daily chart: AVAX sets lower lows and lower highs
The Avalanche price analysis on a daily chart shows an extended range of support at $10.12 and resistance at $15.50 as the price has continued to decline since this morning. The MACD indicator is showing a bearish crossover, and the RSI level is below 30, signaling increased selling pressure in the market.
While AVAX is sitting at $12.75 for the time being, it is expected that there will be more declines in the short term. The market volatility has been low as indicated by the narrowing Bollinger bands, but a breakthrough may still happen soon.
The Oscillators are diverging, which could mean that the price may experience a breakout in either direction. Additionally, the 50MA and the 200MA have crossed bearishly as a further sign of market weakness.
Avalanche price analysis on a 4-hour chart: Bears mount pressure on AVAX prices
Avalanche price analysis on a 4-hour timeframe shows the bears are continuing to mount pressure on the AVAX market. The price has been trading within a downtrend channel, and it is currently testing support at $13.58.
The buyers appear to be losing their confidence as evidenced by the RSI level which is sitting below 30. Additionally, the MACD indicator appears to be forming a bearish crossover for an imminent downward move.
Avalanche is trading below the 200 EMA and the 50 EMA, which is an indication of a further decline. If the AVAX price drops below the support at $13.58, it could climb back up to the resistance level at $15.50 as a result of scalping strategies by traders.
Avalanche price analysis conclusion
Avalanche price analysis shows AVAX appears to be in a downtrend as its prices continue to decline and seek support at lower levels. Given that AVAX is showing signs of weakness on the daily chart and the 4-hour chart, it is more likely to experience more downside action in the near term.
