TL;DR Breakdown
- Avalanche price analysis is bearish today
- Avalanche prices are facing resistance at $18.47
- AVAX/USD has found support at $17.26
Avalanche price analysis shows a strong bearish move today, as the coin just beached the $17.26 support at the moment. The price has been falling for the past few days as bears dominate the market. The day started with selling pressure building in the market, and the price dropped from $17.52 to a low of $17.49 in the early morning hours. The price has been falling for the past few days as bears dominate the market. The 24-hour trading volume is at $263 million, and the market capitalization for the AVAX/USD pair is currently at $5.51 billion.
Avalanche price analysis 1-day chart
The daily Avalanche price analysis shows that the bearish move has continued throughout the day, as the price fell further to a low of $17.49 in the afternoon. This marks a 2.99 percent decline over the past 24 hours and a further 3.5% decline over the past week. The 24-hour chart shows that the price has been trading in a range between $17.52 and $17.49 but is currently trending downward.
The moving average (MA) is trading at 18.80, below the price level. The relative strength index (RSI) indicator is at 57.86, showing a downward turn here as the selling pressure is still there. The volatility for AVAX/USD on the 4-hour chart is increasing today, with the upper band reaching $22.45 and the lower band traveling down to $16.74.
AVAX/USD 4-hour price chart: Avalanche faces resistance at $18.47
The 4-hour chart also shows that the price has been in a bearish channel since yesterday, with the resistance level at $18.47 proving to be a strong one and the price struggling to break past it for several hours now. If the bears continue to dominate the market, Avalanche could see further losses in the coming hours, with a potential drop to the $17.26 support level. However, if bulls can manage to push the price higher, then a move to the $18.47 resistance level is possible.
The RSI indicator is in the oversold zone at 37.96, which means it is trading on a downward slope. The moving average indicator is at 17.88, which indicates that the bears are in control of the market as the prices are currently trading below the level. Furthermore, the volatility has been increasing, which is yet another bearish sign. The upper limit of the Bollinger Band is at $18.43, while the lower Band value is at $17.39.
Avalanche price analysis conclusion
In conclusion, the Avalanche price analysis demonstrates that the currency is correcting today and might be in a downtrend for the rest of the day as the bears try to drive the prices below $17.49. The market has been ruled by the bears. However, as long as the adverse winds blow, the market indications indicate further downside momentum in the near future. Regarding the current economic situation, investors continue to be cautious. If the selling pressure remains high, prices will keep declining.
