Avalanche price analysis shows a bearish momentum in the market for AVAX, with the price dropping toward $14.00. The bears have taken over since yesterday’s high at $14.72, and the market continues to decrease in value. As of writing time, AVAX is exchanging hands at $14.12, down 4.00 percent.
AVAX has established support at the $14.00 level, which is expected to offer buyers an opportunity to enter the market at a discounted price and possibly extend its gains in the future. However, if the bears can keep up their momentum, AVAX may break below this level and head toward its next support at $13.00. On the upside, the bulls will have to overcome strong resistance levels of $14.71 and $15.00 if they want to take control of the market. Unless buyers can push past these levels, AVAX will likely remain rangebound between $14.00 and $15.50 in the near term.
AVAX has a total market capitalization of $4.72 billion, with a circulating supply of 334,596,255 AVAX coins. The 24-hour traded volume stands at $130,168,641. Over the last seven days, the price of AVAX has dropped by 4.32 percent.
Avalanche price analysis 24-hour chart: AVAX extends the losses
Avalanche price analysis of the 24-hour chart reveals that AVAX has dropped from its opening price of $14.70 to a low of $14.17. The bears have been in control for most of this period, as the bulls have yet to take back control and push the price above $15.00. The decline in price action has been gradual, indicating that the market could remain rangebound for some time yet.
Technical indicators such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) are both bearish, signaling that there could be further drops in the near term. The RSI indicator has dropped to the 30 levels, signaling that AVAX is oversold and could be due for a retracement. The MACD shows bearish momentum as well since the MACD line has crossed below the signal line. The MACD value is below zero, indicating that the bears are in control. The moving average is also in a bearish trend, indicating that the price is likely to remain bearish for some time.
Avalanche price analysis 4-hour chart: Bears continue to dominate
Avalanche price analysis of the 4-hour chart reveals that AVAX has sharply dropped from a high of $14.40 to a low of $14.03. The decline has been fairly consistent and gradual, indicating that the bears are gaining strength in this time period.
On the technical indicators, the RSI has dropped to the oversold zone and is close to crossing below 30. This indicates that there could be more downside potential in store for AVAX in the near term. The MACD also continues to show bearish momentum as the MACD line drops further beneath the signal line. Furthermore, the moving average has also shifted to the downside, indicating prolonged bearish pressure in the market.
Avalanche price analysis conclusion
To conclude, Avalanche price analysis shows that the bearish trend is likely to continue in the near term. The RSI and MACD both show that there is potential for further drops, with the next support level below $14.00. However, if buyers can take back control of the market, AVAX may be able to break past the $14.74 resistance level and move toward the next high at $15.00.
