Avalanche price analysis indicates the emergence of a bearish trend that is progressively gaining strength, with substantial potential for further downward movement. The AVAX/USD trading pair is presently valued at $14.8, reflecting a decrease of 2.84% over the past 24 hours. The market experienced a significant decline yesterday, characterized by a rapid downward momentum, and is commencing today with indications of optimistic bullish activity following the previous day’s drop below the $14.8 threshold. Furthermore, there is a reduction in market volatility, which presents a favorable opportunity for the bulls to stage a notable recovery.
As of today, the price of Avalanche (AVAX) stands at $14.88, accompanied by a 24-hour trading volume of $215.93 million. The market capitalization of AVAX amounts to $4.96 billion, representing a market dominance of 0.44%. Over the past 24 hours, the AVAX price has experienced a decrease of -2.84%. Presently, the sentiment for Avalanche price prediction is bearish, while the Fear & Greed Index indicates a neutral value of 54.
The circulating supply of Avalanche currently amounts to 332.90 million AVAX out of a maximum supply of 720.00 million AVAX. The yearly supply inflation rate is presently measured at 23.71%, indicating that 63.80 million AVAX were created in the past year. In terms of market capitalization, Avalanche is ranked #7 in the Proof-of-Stake Coins sector, #1 in the Avalanche Network sector, and #11 in the Layer 1 sector.
AVAX/USD 1-hour analysis: Latest developments
Avalanche price analysis suggests a decreasing trend in market volatility, implying that the AVAX/USD prices are becoming less susceptible to significant fluctuations. The upper limit of the Bollinger Bands is observed at $15.1, representing a notable resistance level for AVAX. On the other hand, the lower limit of the Bollinger Bands is situated at $14.8, serving as a crucial support level for AVAX.
The AVAX/USD price has recently dipped below the Moving Average curve, indicating a bearish movement in the market. The presence of bears has been evident over the past few hours, and their influence is expected to persist as the price approaches the support level. This suggests the potential for a market breakout, further emphasizing the bearish sentiment.
Avalanche price analysis reveals that the Relative Strength Index (RSI) currently stands at 35, indicating that the cryptocurrency is slightly undervalued. Additionally, the RSI has been following a downward trajectory within the undervalued range, suggesting a prevailing selling activity in the market. If the RSI continues to move further toward a dominant selling activity phase.
Avalanche price analysis for 1-day
Avalanche price analysis indicates an increasing trend in market volatility, suggesting a higher probability of AVAX/USD experiencing fluctuations as volatility rises. The upper limit of the Bollinger Bands is observed at $18.2, representing a significant resistance level for AVAX. Conversely, the lower limit of the Bollinger Bands is situated at $14.1, serving as a strong support level for AVAX. These levels provide important reference points for traders and investors to monitor as they assess the price movements of AVAX.
The AVAX/USD price is currently crossing below the Moving Average curve, signaling a bearish move in the market. Despite the market’s direction appearing relatively stable in recent days, bears have exerted control, weakening the position of the bulls. Additionally, the AVAX/USD price breaking below the support band suggests a potential market breakout.
The Relative Strength Index (RSI) is currently at 34, suggesting that the cryptocurrency is undervalued. Moreover, the price of the cryptocurrency is displaying a downward trajectory within the undervalued region, indicating a decline in value and a shift towards devaluation, accompanied by increased selling activity. This situation has the potential to trigger a strong reversal movement in the market, potentially favoring a shift in momentum and providing an opportunity for a bullish market trend to emerge.
Avalanche Price Analysis Conclusion
In conclusion, the Avalanche price analysis suggests that the cryptocurrency is currently in a strong bearish trend, but there is a significant potential for a reversal if the support level is breached. The market has recently been under the control of bears, and they appear capable of maintaining their dominance. However, they have already exerted significant influence, and the bulls are currently facing challenges. Nevertheless, if the Bulls can capitalize on a potential breakout, they have the opportunity to make a strong comeback in the coming days.
