Avalanche price analysis indicates that its current pricing is bearish. Over the past 24 hours, Avalanche Coin has traded in the negative, and its price has been slowly declining. After failing to maintain its upward trend, the AVAX price fell to $21 yesterday before rebounding to $21.31 as of this writing, a drop of more than 2.95%. The support level is at $20.95, where if it breaks further, the token may drop even lower, and the resistance for AVAX/USD is $22.71, which can offer some temporary comfort. The 24-hour trading volume is at $664 million, which is relatively low compared to the past two weeks, while the market capitalization is currently at $6.7 billion.
Avalanche price analysis on 1-day price chart: AVAX falls to $21.31 in a bearish market
The one-day Avalanche price analysis reveals that the market is currently in a negative trend as a decrease in coin value is seen. At the beginning of the week, the price had a comeback, but now the downward trend is becoming more pronounced. The short-term trend line is currently once again declining. At the time of writing, the AVAX/USD exchange rate is down 2.95 percent, hovering at $21.31.
The relative strength index (RSI) is currently at 52.50, which indicates that the market is neither overbought nor oversold. The moving average convergence and divergence (MACD) histogram is also in negative territory and shows that the coin’s price is decreasing. The bulk of technical indicators point to a bearish trend. The last few days have had wide Bollinger Bands. At press time, the indicator’s lower line offers support at $13.2179, and its upper limit shows a level of resistance at $20.9653.
AVAX/US 4-hour price chart: Recent developments and further technical indications
The one-day Avalanche price analysis shows that the coin value is declining because the price has been moving in a bearish direction all day. Since the AVAX market price has been steadily increasing over the past few weeks, the situation is starting to favor the sellers. However, there was a price decline today, which is why the price dropped to $21.31, a fall of 2.95% from the previous day.
The volatility is still high for the token as the Bollinger bands show expansion, with the upper band at $16.0936 and the lower band at $12.6346, which could provide some additional pressure on both sides as the price moves within these bands. The relative strength index (RSI) is currently at 36.73, which suggests that the market may be oversold. This could indicate that the bears have been overextending themselves and that a reversal is possible. The moving average convergence and divergence (MACD) is also bearish, as the MACD line is below the signal line. This suggests that the trend is likely to continue in a downward direction.
Avalanche price analysis conclusion
In conclusion, the Avalanche price analysis is contributing to the selling pressure as a result of the ongoing drop of the coin. The price decreased to $21.31 from the previous day as the bears were still in control of the market today. If the $20.95 support level holds firmly, the bearish pressure might increase and drive prices much lower. However, buyers might seek a higher price entry point if the resistance level of $22.71 is surpassed in the following weeks.
