TL;DR Breakdown
- Avalanche price analysis suggests sideways movement before falling to $16.00
- The closest support level lies at $17.00
- AVAX faces resistance at the $17.30 mark
The Avalanche price analysis shows that the AVAX price action continues to consolidate around the $17.00 mark as either side struggles to gain momentum.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements. Major players include ETH and XRP showing a 2.31 and a 1.26 percent decline, respectively.
Avalanche price analysis: AVAX consolidates around $17.00
The MACD is currently bullish as expressed in the green colour of the histogram. However, the short height of the indicator suggests a low bullish momentum at the press time. On the other hand, the darker shade of the histogram suggests that the bullish momentum is steadily rising as the price moves toward the $17.50 mark.
The EMAs are trading below the mean position as net price movement over the last ten days remains negative. Currently, the EMAs are trading close to each other showing low bullish momentum at press time. On the other hand, the diverging EMAs suggest a slowly increasing bullish momentum.
The RSI briefly dipped to the oversold region but rose back into the neutral region as the price action returned to the $17.00 mark. At press time, the indicator trades near the mean level at 44.35 index level as the price suggests low bearish momentum but with increasing bullish pressure at the current price level.
The Bollinger Bands are currently narrow as the price action observes little to no volatility across the short-term charts. Furthermore, the declining trade activity and the short-term indicators suggest low volatility across the next few days. At press time, the bands’ lower limit provides support at the $16.67 mark while the upper limit presents a resistance level at the $17.33 mark.
Technical analyses for AVAX/USDT
Overall, the 4-hour Avalanche price analysis issues a sell signal at press time with 11 indicators supporting the bears. On the other hand, only six of the indicators support the bulls showing a low bullish presence. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Avalanche price analysis shares this sentiment and also issues a sell signal with 13 indicators supporting the bears against only five supporting the bulls. The analysis shows bearish dominance across the mid-term charts with a low bullish presence at the current price level. Meanwhile, the remaining eight indicators remain neutral and do not issue any signals at press time.
What to expect from Avalanche price analysis?
The Avalanche price analysis shows that the Avalanche market is currently in a bearish rally as the price action dropped from above the $21.00 mark to the current $17.00 price level as the bulls failed to establish a foothold above the $20.00 mark.
Traders should expect AVAX to observe sideways movement at the current price level before the price action continues its downward motion. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bullish and bearish trends respectively. Currently, the price can be expected to move to $18.00 before continuing the downtrend.
