The most recent Avalanche price analysis indicates a slight decrease in coin value throughout the past 24 hours. Although the market was following a strong bullish trend in the last day, the circumstances are changing for the sellers. Currently, the bears are at the lead as the price dropped to $16.85 during the day. There is a high chance that the cryptocurrency will encounter further bearish resistance in the upcoming hours.
AVAX is trading below its resistance level of $16.97, as more selling activity keeps piling up in the charts. On the downside, it is facing strong support at $16.44 and a break of this level can potentially lead to further losses. The total market cap of Avalanche stands at $5.57 billion and the 24-hour trading volume stands at $107 million with a decrease of -0.37 percent.
Avalanche price analysis daily chart: Value of AVAX declines as bears gain ground
The 1-day Dogecoin price analysis shows a subtle decline in its market value as the selling momentum grows. In the past few days, the bearish pressure caused the price to gradually drop, and it managed to break below the psychological level of $17.00. The current trading value is at $16.85 with a decrease of -0.37 percent over the day.
The MACD indicator is also giving out sell signals, showing that the sellers are at the lead. The MACD line and the signal line are crossing bearishly below the zero line indicating that the coin might see further losses in the upcoming hours. The RSI is also trading bearishly, as it has gone below level 50, suggesting a strong bearish pressure in the market. The moving average indicator is present at $17.23, which is above the current trading price.
Avalanche price analysis: AVAX devalues up to $16.85 as bears return
The bears are also dominating the four-hour price chart as the market for Avalanche price analysis has followed a downward trend in the past few hours. The bears have successfully broken through the bullish wave by taking the price down to the $16.85 extreme. The selling momentum will likely intensify in the coming hours, as the bears are regaining their strength.
The moving average convergence divergence (MACD) line is trading under the signal line, creating a bearish crossover and giving out sell signals. The relative strength index (RSI) has a value of 46.73 which suggests that further bearish pressure is on the way, and if bearish persists, RSI may go down towards 30 levels. The 50-day moving average indicator is currently below the 200-day moving average indicator which suggests more bearishness in the market.
Avalanche price analysis conclusion
Overall, the Avalanche price analysis suggests that the cryptocurrency is coming under immense selling pressure and could face further losses in the near future. The bears are struggling to overcome the bullish momentum, and so far, they have been successful as the price moved down to $16.85 At the same time, the four-hour price chart displays red candlesticks and the bears, which have been dominating for the past few hours.
