Despite a recent surge in cryptocurrency trading, the market for Avalanche (AVAX) has faced bearish resistance. The latest Avalanche price analysis indicates a downward trend, with the coin’s current value at $17.22 and the possibility of further decline if selling pressure continues. Although buyers benefited from a bullish market last week, bearish sentiment persists
AVAX/USD 1-day price chart: Intensifying Selling Pressure Causes AVAX/USD Price to Plummet to $17.22
According to today’s Avalanche price analysis, there has been a recent shift in market sentiment towards selling, resulting in a bearish trend for AVAX/USD. Although the market experienced a bullish wave last week, today’s trend favors the bears. This has caused the value of AVAX/USD to drop to $17.22, which is slightly higher than the moving average (MA) value of $17.16.
Although the convergence of the Bollinger bands shows a decrease in volatility, levels remain high, which may predict unfavorable future market movements. At the moment, the upper value of the Bollinger bands indicator is $20.06, suggesting resistance, while the lower value of $15.33 symbolizes support. The recent price reduction has resulted in a drop in the Relative Strength Index (RSI) score to 47, indicating greater market selling activity.
Avalanche price analysis: Recent develoments and further technical indications
Following a huge drop in the coin’s value over the last eight hours, the latest four-hour Avalanche price analysis shows a strong negative trend. In recent hours, the bears have continuously outperformed the bulls, resulting in greater selling activity as the coin’s value fell to $17.21. The likelihood of more bitcoin price falls is strong. Furthermore, the hourly price chart’s moving average value is $17.15 points, lending weight to the negative trend.
Mild volatility and upward movement of the Bollinger bands after a prior positive wave suggests that the downtrend may be reversing in the next trading session. The upper Bollinger band is currently at a high of $17.47 and the lower Bollinger band is at a low of $16.56. The Relative Strength Index (RSI) graph shows a downward curve, with the score falling to 54, indicating a rising trend of market selling activity.
Avalanche price analysis conclusion
The latest one-day and four-hour Avalanche price analysis indicates a preference for sellers following a decline in value over the past 24 hours. The recent price drop has led to the coin’s value falling to $17.21. The hourly price chart further reflects a steady downward trend, leading us to anticipate that AVAX/USD will continue to follow this trajectory for the day. It is crucial for investors to carefully monitor market developments and stay informed to make informed investment decisions and manage portfolio risk effectively.
