Avalanche price analysis has a very heavily bearish sentiment today after staying bullish for three days straight between 12th and 14th March, 2023. However, it is yet to retest the major resistance around $21 which it touched on 21st February 2023.
The overall state of the cryptocurrency market can be estimated from the crypto heat map above. All the coins can be seen in the red zone with Ethereum marking a decrease of 2.43 percent. At the same time, Bitcoin has decreased by around 0.67 percent.
The RSI on the 1-day Avalanche price analysis looks quite balanced. Hence, there is no chance of market correction in the next few hours. The market is leaning more towards the bearish side due to the absence of bullish momentum.
Avalanche 24-hour price movement
Exactly 24 hours ago, Avalanche was closing at $17. However, its current price is $15.81. So, the market has marked a noticeable decrease in the price. Similarly, the market cap of Avalanche has decreased by 7.19 percent overall. The 24-hour volume has also reduced by 26.84 percent. This brings the 24-hour volume to market cap ratio of Avalanche to 0.0602.
4-hour Avalanche price analysis
Based on the 4-hour Avalanche price analysis, the market still has potential to go further towards the downside. A local resistance has been recorded around $17.9 and currently the market is hovering around $15.7, which is the support level. Avalanche has slightly bounced up after touching this support level. However, it is uncertain whether it will maintain this level or eventually break lower.
Avalanche price analysis: Conclusion
Right now, it looks like Avalanche still has potential to further dip. The next major support level for Avalanche would be around $14. Based on the high uncertainty in the market, this may not be a good time to invest in Avalanche for any short-term profits. However, for the long-term, we suggest reading our detailed Avalanche price prediction.
