Avalanche price analysis indicates a downtrend for the day and supports the sellers as prices have fallen significantly since this morning. Despite the fact that the bears have the upper hand, the price has been declining over the past 24 hours.
AVAX/USD is currently trading in the red on the overall negative selling pressure. The price of AVAX/USD fell 0.51% and the market is still losing as the price of AVAX fell to $13.62. The current 24-hour trading volume of AVAX/USD is $224,179,162 and the market capitalization is $4,219,316,125.
Avalanche price analysis on 4-hour chart
A 4-hour landslide price analysis confirms the downtrend as the price has been trading below $13.62 for the last few hours. Resistance for the AVAX/USD pair is currently at $14.16 while support is at $13.52.
Market volatility follows a bearish move. This suggests that the Avalanche price will continue to decline dynamically and become less susceptible to going to any extreme. Bollinger Bands values on the 4-hour price chart are as follows; The upper Bollinger Band is $16.0936, while the lower Bollinger Band is $12.6346.
The Relative Strength Index (RSI) is currently at 36.73 indicating that the market is in bearish territory as the RSI indicator is below the 50 level. The AVAX/USD price appears to be trading below its moving average prices, suggesting a bearish move. Also, the market trend seems to be showing downward momentum over the past few days.
AVAX/USD 1 day price analysis: bears are leading the trend
1-day Sliding price analysis shows that the trend is bearish for the second day in a row and the 1-day chart shows a red candlestick formation. As a result, the market took a negative approach. The cryptocurrency’s value was once again badly damaged by the downtrend as it fell from a daily high of $14.16.
Bollinger Bands indicator is very important to keep us aware of current market trends. The top bar shows the value of $20.9653, while the bottom bar shows $13.2179, representing resistance and support respectively. The relative strength index of AVAX/USD is 52.50; neither is extreme, indicating that the market is neither oversold nor overbought. The moving average on the 1-day chart is currently at $16.3097, just below the current price.
In short, Avalanche’s price analysis suggests that there is significant room for further action on the extreme downside as the coin is in a strong downtrend. Moreover, the current market situation seems to be heading in a negative direction. Hence, we can predict that the bears will start trading soon to keep the market under their control.