Avalanche price analysis shows that the AVAX/USD pair has slipped to $20.66 after a brief period of consolidation above $21. The market is currently bearish and facing resistance at $21.62 however above this level, the $22.50 mark may act as a psychological hurdle for the bulls. Support for the pair is present at $19.69, and a break below this level may see the price head towards $18.75.
The digital asset market has seen a lot of consolidation over the past few days as most assets have either remained range-bound or have witnessed a slight downside correction. However, one exception to this trend was found in the form of Avalanche which surged by over 35% at one point to reach an all-time high price of $22.90. The market has since given up some of these gains and is currently trading at $21.62.
Avalanche price analysis on a daily price chart: Bears mount pressure on AVAX prices
The daily price chart for Avalanche price analysis shows that the market has been on a strong downtrend for the last 24 hours as the price has decreased by over 5%. The market cap is currently at $5,916,550,833, and the 24-hour trading volume is at $401,259,439. The market had seen a brief consolidation phase above the $21 level as it formed a descending triangle pattern. However, the bears have now resumed their pressure, and the price has slipped below the $21 mark.
The price has also been trading below the moving average convergence divergence (MACD) line for the past few hours, indicating bearish momentum in the market. The relative strength index (RSI) is currently at 44.40 and is showing no signs of a bullish reversal as of now. The Moving average indicator is currently bearish as the 50-day simple moving average (SMA) is well below the 200-day SMA.
Avalanche price analysis on a 4-hour price chart: AVAX/USD set to test the further downside
The 4-hour price chart for avalanche price analysis shows that Cryptocurrency is facing strong resistance at the $21.62 level as the bulls have failed to sustain the price above this mark on multiple occasions. The bears emerged after the price reached the $22.50 level and pushed the price down to $20.66. The market is currently bearish, and a break below the $19.69 level may see the price head towards the $18.75 level in the near term.
The market is currently trading below the moving average indicator as the 50-day SMA is well below the 200-day SMA. The MACD line has also crossed below the signal line, indicating further downside in the market. The RSI is currently at 41.71 below the 50 level, which is a bearish sign.
Avalanche price analysis conclusion
Avalanche price analysis is bearish in the short term as the market has slipped below the $21.62 level. The market may test the $19.69 level in the near term if the bears mount further pressure. Price analysis of Avalanche shows that AVAX/USD is currently in a bearish trend as it slides to $20.66. The technical indicator analysis is also bearish in the short term as all indicators are pointing towards a further downside.
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