HomeAltcoinsAvalanche price analysis: AVAX spikes to $11.85, heavy rejection seen since

Avalanche price analysis: AVAX spikes to $11.85, heavy rejection seen since

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Avalanche price analysis is showing that the price is covering downward movement once again. The bulls have failed to survive the bearish pressure and the price has declined for today as well.

The bearish momentum has been huge as it has impacted the overall price value quite negatively. There is a prominent chance of the price going below the $11.76 support level, which could indicate a further price decline in the near future. However, there is also some resistance present at the $13.05 level, which may limit any further downward movement.

AVAX/USD 1-day price chart: Bearish march continues as price devaluates further

The 1-day Avalanche price analysis shows that further loss in price is to be expected in the coming week. That is because the price has undergone depreciation even today which has brought its level down to $11.85 with a decrease of around 11.85%. The bearish trend has been strong and heavily impactful on the price of AVAX. The 24-hour trading volume is at around $162 million, which is still weak compared to the overall trading volume in the market, while the market cap of AVAX is around $3.57 million.

Avalanche price analysis: AVAX spikes to $11.85, heavy rejection seen since
AVAX/USD 1-day price chart, source: TradingView

The volatility has been quite high in the AVAX market, which is why the Bollinger bands indicator is at an average of $11.85. The upper Bollinger band has now moved towards the $13.05 value and the lower Bollinger band is also at the $11.76 value. As the price has devalued today, the Relative Strength Index (RSI) index has also moved down to 36.68. The moving average (MA) is still positioned at a safer level i.e. $12.82.

Avalanche price analysis: Cryptocurrency risks further loss as price remains delimitated

The 4-hours Avalanche price analysis is going in the bearish direction as the downtrend has followed today as well. The price is moving down because the bearish momentum is intensifying with every hour. Right now, it is found at the $11.85 position and is expected to go down to an even lower level soon. The moving average value is at 12.40 for the 4-hour price chart which shows that the price is not going to move upward anytime soon.

Avalanche price analysis: AVAX spikes to $11.85, heavy rejection seen since
AVAX/USD 4-hour price chart, source: TradingView

The volatility has increased during the past few hours which is the Bollinger band value that has been readjusted. The upper Bollinger band is showing a $13.50 value whereas the lower Bollinger band is showing an $11.87 value at the time of writing. The RSI index is going average as it has gone down to 38.75 during the day.

Avalanche price analysis conclusion

From the given 1-day and 4-hours Avalanche price analysis, it can be confirmed that the bears have been succeeding so far in ruling the market. The price has gone down to $11.85 today, which is a huge loss for the cryptocurrency. Chances of recovery are minimal for the buyers as the price has gone critically close to the support level present at the $11.76 mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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