HomeAltcoinsAvalanche price analysis: AVAX value demotes to $12.96 after an immediate decline

Avalanche price analysis: AVAX value demotes to $12.96 after an immediate decline

-


Avalanche price analysis suggests a bearish trend for today and supports sellers as the price has undergone a considerable decrease since morning. Although the bulls were in the winning position earlier, they were not able to sustain their momentum and AVAX prices plummeted to the support level of $12.60.

The general feeling in the market is still bearish as Avalanche drops to $12.96, The LINK/USD is down by 0.69 percent at the time of writing as the bulls continue to struggle to regain their foothold. The Market cap is hovering around $3,805,704,401, and a trading volume of $110,655,949 million has been recorded in the last 24 hours.

AVAX/USD 1-day price chart: Avalanche sets lower high after a retest of $12.60 support

The 1-day Avalanche price analysis shows bears are trending for the third hour consecutively, and a formation of red candlesticks can be seen on the 1-day chart. The bearish trend has again damaged the cryptocurrency’s value to a good extent as it plummets from the intraday high of $13.12. The cryptocurrency has formed a lower high near $12.60 and its downward trend is likely to continue in the long run as well.

Avalanche price analysis: AVAX value demotes to $12.96 after an immediate decline
AVAX/USD 1-day price chart, source: TradingView

The Relative Strength Index is near the oversold region, showing that the bears are in control as the sell-off continues. The moving average (MA) is trading at $13.06, and the bearish crossover is still active as the 50-day MA crosses below the 200-day MA. The upper Bollinger band is at $13.15 and this could act as a resistance for the sellers in the near term, while the lower Bollinger band is at $132.10 and could act as a support level in the upcoming sessions.

AVAX/USD 4-hour price analysis: Latest developments

The 4-hour Avalanche price analysis confirms the downtrend as the price has been trading below $13.00 for the last few hours. The price has formed lower highs and lower lows, which is a sign of bearish momentum in the market. The bulls have not been able to take the price above $13.12, which was broken earlier.

Avalanche price analysis: AVAX value demotes to $12.96 after an immediate decline
AVAX/USD 4-hour price chart, source: TradingView

The price has breached the moving average (MA) crossover, indicating that the bears are likely to gain more control in the market. The selling pressure is increasing as well, as evidenced by the RSI approaching the oversold region. This suggests an increase in selling interest among traders and investors, which could further intensify the downward movement for Avalanche. The Bollinger bands are also expanding, indicating increased volatility and uncertainty.

Avalanche price analysis conclusion

Avalanche price analysis suggests that AVAX performed better at the start of the trading session today, but the cryptocurrency has been following a downtrend for the last 4 hours now. However, if the resistance present at $13.12 persists, then the coin may start to recover in the coming hours. On the other hand, if the selling pressure continues, then AVAX may step down into the $12.60 range.

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

Filecoin price analysis: FIL gains value at $4.38

Filecoin price analysis shows that the price of FIL/USD has followed a strong upwards trend in the last 24 hours. The price has continued...

Snowfall Protocol (SNW) Surges While Tron (TRX) And Uniswap (UNI) Fight To Recover!

The cryptocurrency as well as traditional financial markets are struggling in the wake of record inflation reported in the US and the UK. Popular...

BudBlockz (BLUNT) Set To Outperform Algorand (ALGO) In 2023

A lot of crypto companies and NFT projects in the blockchain ecosystem aim to develop their unique digital coins or assets as a defining...

How is Fantom token different from 3000+ other tokens?

Fantom has had the worst of the crypto winter but the company still manages to make decent returns. According to Andre Cronje, Fantom is...

Most Popular

spot_img