HomeAltcoinsAvalanche price analysis: AVAX/USD is getting ready to retest the support at...

Avalanche price analysis: AVAX/USD is getting ready to retest the support at $12.01

-


The cryptocurrency market has very mixed sentiments today. However, Avalanche price analysis just seems to be gearing for further downside. Avalanche is consistently bearish for another day, as its price went down to $12.78 after closing at $13.06 yesterday.

Avalanche price analysis: AVAX/USD is getting ready to retest the support at $12.01
Cryptocurrency heat map by Coin360

Our cryptocurrency heat map shows that the price of Bitcoin has slightly increased by 0.54 percent. However, the rest of the market including Ethereum is yet to catch up and continues to maintain a 0.11 percent decrease. Other altcoins are all in the reds, indicating that the bears are taking over the market.

Avalanche price analysis: AVAX/USD is getting ready to retest the support at $12.01
Avalanche Price Chart by TradingView

The 1-day Avalanche price analysis chart gives us an overall look at how this coin is performing over the last couple of months. In particular, the previous week turned out to be heavily bearish for Avalanche, after its price went straight to $12.01 before finding support at this point. This support was then tested this week and Avalanche then went through a small retrace.

Now it looks like Avalanche is just gearing up to retest the support. Seeing the market conditions, it is very likely for Avalanche to break lower. The bears are gaining more and more momentum while the bulls are struggling to catch up.

Avalanche 24-hour price movement

Avalanche price analysis: AVAX/USD is getting ready to retest the support at $12.01
Avalanche Price Chart by TradingView

In the last 24 hours, Avalanche was mostly trading in a range. However, now the bears have started pulling it further on the downside. The RSI line just recovered after touching 30. Currently, it is sitting at 35 indicating that the market is still slightly oversold.

The hourly Avalanche price analysis shows some recovery. However, the indicators are not showing any significant shift in the momentum. So, it is likely that Avalanche will further go towards the downside in the next couple of hours.

Overall, Avalanche’s market cap reduced by 0.42 percent in the last 24 hours while its trading volume has gone down by 13.45 percent. So, it currently has a market rank of #19.

4-hour Avalanche price analysis: Is AVAX going to dip further?

Avalanche price analysis: AVAX/USD is getting ready to retest the support at $12.01
Avalanche Price Chart by TradingView

Yes, it is very likely that Avalanche will further dip down in the coming few hours. The MACD indicator on the 4-hour Avalanche price analysis is showing an exponential decrease in the strength of the green histograms. The RSI line is somewhat balanced, but the bears have a stronger hold.

Avalanche price analysis: Conclusion

Overall, Avalanche price analysis is not very positive today and the bulls are slowly losing. Bearish momentum seems to be building up, which can cause Avalanche to retest the recently found support at the $12.01 mark.

Investors looking for quick profits may want to stay clear from buying Avalanche right now. However, the long-term future of Avalanche is an entirely different story. Those with long-term convictions should DCA (dollar-cost-average) and take benefit from the current bear market.

Want to learn more about what other altcoins are up to? Check out our price predictions for Gala, Filecoin, and Cardano.

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Blockchain-based supply chain platform canned by IBM and Maersk

Although the TradeLens platform will officially go offline in Q1 2023, Maersk said it's not given up its effort to digitize the supply...

Bankruptcy court told FTX and Alameda owe BlockFi $1B… but it’s complicated

While BlockFi has attempted to separate itself from FTX and Alameda in its bankruptcy proceedings, it has many financial ties to firms owned...

Bankman-Fried on the hook in Texas, called to appear at Feb. hearing

The Texas Securities Board has asked the judge to consider leveling a cease-and-desist order, administrative fines, and forced refunds against SBF and FTX...

Metaverse exploitation and abuse to rise in 2023: Kaspersky

Cybercriminals will flock to the Metaverse next year to prey on unsuspecting virtual world participants according to a report by cybersecurity firm Kaspersky....

Most Popular

spot_img