Recently avalanche price Our analysis shows that the bears have forced AVAX into a short-term downswing. The price is currently trading at $16.81 and may continue to drop further in the near future. AVAX/USD has support at $16.56 and if the price breaks below this level, it can drop to $16.20. The AVAX/USD pair has resistance at $17.03 and if the price breaks through this level, a rally to $17.50 is possible.
AVAX/USD 1-day price chart: Bears continue to define price curve
The 1-Day Avalanche Price Analysis Report confirms today’s bearish price action as the price fell to $16.81. The drop in price value is substantial, as the coin has lost 0.33% of its value in the last 24 hours. The price has been falling for the past few days as it has lost almost 5% of its value over the last 7 days. His 24-hour trading volume for the coin is $302 million, with a market cap of $2.06 billion.
The bears have managed to lower the price again in the last 24 hours after gaining momentum. The price is also trading below the moving average (MA) value of $17.04. The Relative Strength Index (RSI) value is currently at 40.98 and with the RSI value remaining below the 50 level, it looks like the price may continue to fall in the short term. The Bollinger Bands are narrowing, which indicates that market volatility is declining.
Avalanche Price Analysis: AVAX/USD Heads to $16 Lows After Bearish Drive
4 hour avalanche price analysis declares bearish dominance as price has covered the downside range since the beginning of the trading session and even the last 4 hours after breaking out on the downside today increase. Over the past few hours, a downward trend has been seen as the price has dropped to the $16.81 level.
On the 4-hour price chart, the moving average is trading above the current market price at $17.15. The Bollinger Bands show a divergence on his 4-hour chart, with the upper band value changing to $17.03 and the lower band value he dropping to $16.56 due to increased volatility. The selling activity observed since yesterday has pushed the RSI level down to index 33.30.
Avalanche price analysis conclusion
Avalanche’s price analysis report favors the bears at the time of writing. Most of the technical indicators are also bearish and price momentum is currently trending down. Both the 1-day and 4-hour charts are in the bearish zone. Therefore, it looks like the price may continue to fall in the short term and drop to the $16.20 level. The bulls need to build some strength to push the price to his $17.50 level.
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