The Avalanche price analysis suggests a bearish outlook as the price incurred a loss once again. The price had been on an upward trend yesterday but has now reverted to a downtrend, resulting in a decrease to $15.13. Today, it’s the bears who are dominating and leading the market, but no major loss is expected at the moment as the coin seems to be in a consolidation again. This can be further validated by the fact that despite the bullish price action of the previous two days, the coin remained strictly range-bound, and today’s loss also seems controlled.
AVAX/USD 1-day price chart: Bearish drift drives AVAX price to $15.13
The Avalanche price analysis chart for the day indicates a bearish movement as the price continues to move downwards, and some severe losses have been seen since the current month started. The AVAX/USD price has been trading in a very narrow range for the past few days, and today it slightly decreased to $15.13. The coin has experienced a decline but it still reports a 0.87 percent increase in value over the past 24 hours, but a 1.47 percent loss over the last week due to a bearish market trend. The market cap is also up by 0.88 percent over the past 24 hours, and an increase of 16.30 percent in trading volume during the same time frame has also been noted.
Due to the strong volatility, the upper Bollinger band value of $17.87 represents the biggest resistance, while the lower Bollinger band value of $14.09 represents support for AVAX. The Relative Strength Index (RSI) score is going down as well because of the decrease in price and is present at index 38 in the lower half of the neutral zone. The presence of RSI in the lower range also hints at the bearish pressure the coin is currently suffering.
Avalanche price analysis: Recent developments and further technical indications
At the start of the trading session, the 4-hour Avalanche price analysis signaled a bearish trend as the price fell to $15.13 with a downward breakout. There is a continuous decrease in the price, and support has not been established yet. The price is currently decreasing. The current price is significantly higher than the moving average value of $14.98. Yesterday, the coin made a sudden jump, but it could not break out of the consolidation.
Since the price fluctuation has been gradual during the last four hours, there hasn’t been any notable volatility today, but the Bollinger bands have started to expend due to yesterday’s jump high. At this time, the upper Bollinger band is at $15.39, while the lower Bollinger band is at $14.67. The RSI score has decreased as well and is currently drifting at index 52 in the upper half of the neutral zone.
Avalanche price analysis: Conclusion
The AVAX is battling in the $15 area, according to the 4-hour and 1-day Avalanche price analysis, but it has not found support after the bearish momentum returned. For the previous four hours, there has been a continuous downward trend. Another indication that consolidation will persist is if the RSI, as seen on the 4-hour chart, continues to move sideways with a little downward inclination.
