Avalanche price analysis is showing that the price is covering downward movement once again. The value depreciated to $12.69 today as the market witnessed a bearish extension. The bearish momentum has been huge as it has impacted the overall price value quite negatively.
There is a prominent chance of the price going below the $12.15 support level, which could indicate a further price decline in the near future. However, there is also some resistance present at the $13.15 level, which may limit any further downward movement. The 24-hour trading volume is at around $138,101,567, which is still weak compared to the overall trading volume in the market, while the market cap of AVAX is currently at $3,814,643,918.
AVAX/USD 1-day price chart: Avalanche continues to consolidate downwards
Avalanche price analysis of the 24-hour chart shows that the market is in a bearish trend as the prices are moving downwards. The price has undergone depreciation even today which has brought its level down to $12.69 with a decrease of around 3.90%. The bearish trend has been strong and heavily impactful on the price of AVAX/USD.
The upper Bollinger band has moved towards the $20.965 value and the lower Bollinger band is also at the $13.217 value. The RSI is currently at 52.50 which indicates that the market is neither overbought nor oversold. The moving average (MA) is still positioned at a safer level i.e. $16.309.
AVAX/USD 4-hour price chart: Bulls overpowered as negative momentum intensifies
The 4-hour Avalanche price analysis is going in the bearish direction as the downtrend has followed today as well. The price is moving down because the bearish momentum is intensifying with every hour. The volatility has been quite high in the AVAX market, which is why the Bollinger bands indicator is at an average of $14.364.
The upper Bollinger band is showing a $16.093 value whereas the lower Bollinger band is showing a $12.634 value at the time of writing. As the price has devalued today, the Relative Strength Index (RSI) has also moved down to 36.73 which indicates a bearish signal. The moving average value is at 14.355 for the 4-hour price chart which reveals that the prices are still down.
Avalanche price analysis conclusion
In conclusion Avalanche price analysis of the given 1-day and 4-hour, it can be confirmed that the bears have been succeeding so far in ruling the market. The price has gone down to $12.69 today, which is a huge loss for the cryptocurrency. Chances of recovery are minimal for the buyers as the price has gone critically close to the support level present at the $12.15 mark.
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