Avalanche price analysis for today shows AVAX is trading below a declining trendline after failing to break above the $19.31 barrier. In the short term, cryptocurrency is seen as consolidating between $18.32 and $18.54. The long-term outlook for AVAX is bearish as it failed to break the strong resistance at $19.31. Investors should watch for a potential break of the $18.52 support level and a possible move lower if prices continue to decline. On the other hand, traders may be able to capitalize on the current downtrend if AVAX falls below $18.52. However, traders should be aware of the potential for a bounce-back if prices break through the $19.31 resistance level. According to the technical analysis on the daily chart, AVAX opened the daily trading session on a bullish note, trading at $18.63, and then dipped to its lowest point of the day at $18.54, a 1.79% drop from its high of $18.40 yesterday.
Avalanche price analysis 1-day chart: AVAX is down to $18.54 due to bears.
The 1-day Avalanche price analysis shows that AVAX has been trading in a downward trend after failing to break above the $19.31 resistance level. The coin has now formed a descending triangle pattern on the daily chart, indicating potential bearish momentum in the near future. The volume has declined by over 16.87% since yesterday, indicating a lack of buying pressure.
The relative strength index (RSI) is currently at 59, which indicates that AVAX is in the neutral zone. The moving average convergence and divergence (MACD) is also in a bearish zone as it is trading below the signal line, which suggests that bearish momentum could increase in the near future. The 200-MA also suggests that prices may continue to decline in the short term
AVAX/USD 4-hour price chart: Latest development
Looking at the 4-hour Avalanche price analysis, it shows AVAX has been trading in a sideways channel over the past few days. The AVAX/USD pair is following a downward trajectory and appears to be headed for a bearish breakout. The bulls are defending the key support level of $18.52, and if it is breached, the bears are likely to target the next major support level at $18.47. On the upside, a break above $19.31 could see AVAX reach its previous high of $19.37 in the near future.
The RSI and MACD are trending in bearish territory, indicating further downside movement is expected. The price of AVAX is trading below all the moving averages, further reinforcing the bearish outlook for the coin. The moving averages are also trending lower, suggesting that the bearish momentum is likely to remain in control over the short term. The SMA 20 has crossed below the SMA 50, further confirming that bears are in control of the sentiment.
Avalanche price analysis conclusion
In conclusion, the Avalanche price analysis suggests that the coin is likely to continue its bearish trend in the short term. The overall crypto market sell-off as it saw a 1.79 percent drop from its high of $18.63 to $18.54. The descending triangle pattern suggests further bearish momentum in the near future, and a break below $18.52 could be bearish for the coin. However, if the bulls can push above $19.31, we might see an uptrend in AVAX’s price
