The Avalanche price analysis is currently pessimistic despite yesterday’s brief upward trend. The bearish development has caused the price to decrease to $15.12. The support level at $14.7 may be put to the test if selling pressure picks up in the hours to come. Even though there had been some positive activity over the preceding few days, the main bearish trend could not be reversed, and the price kept falling.
AVAX/USD 1-day price chart: Selling pressure keeps appearing
The cryptocurrency market is currently heading in a bearish direction as the price levels are steadily decreasing, according to the 1-day price chart for the Avalanche price research. The trend today has maintained the same as it has for the past few days, which is strongly bearish, as the price fell to $15.12. The crypto pair lost another 0.24 percent value during the last hour contributing to the 12.31 percent loss observed over the past week.
The moving average (MA) on the 1-day chart is $15.8, which is below the SMA 50 curve but higher then the current price. With the current circumstances in mind, the Bollinger bands’ average value is $16.5 and the volatility is increasing, which is normally a bad sign.
The upper band of the Bollinger bands is present at $18.4, which represents the highest resistance, and the lower band is present at $14.7, which represents support. Currently, the Relative Strength Index (RSI) number is continuously decreasing, and it presently stands at 35, indicating a neutral value, albeit on the lower side.
Avalanche price analysis: Recent developments and further technical indications
The 4-hour price chart for Avalanche price analysis shows that the selling pressure has returned despite the bullish attempts since yesterday. The price pattern depicted on the chart exhibits a consistent bearish trend interspersed with brief bullish moments. The price dropped to $15.12 in the most recent update, signaling a bearish trend.
The volatility level is the same, with the upper Bollinger band trending at $15.6, while the lower Bollinger band has reached a value of $14.6, showing a margin of $0.50 for the price to move in any direction. The moving average is $14.9, which is below the current price. On the other hand, the RSI score, which is presently at 43, is also showing sideways movement but may take a downward turn.
Avalanche price analysis conclusion
According to the Avalanche price analysis, the 1-day and 4-hour price charts clearly indicate bearish trends, with the bulls exhibiting minimal strength. The price has gradually decreased to $15.12 as more sellers enter the market. In the next few hours, the $14.7 support level may be tested.
