HomeAltcoinsAvalanche price analysis: Can AVAX/USD dip below $12 soon?

Avalanche price analysis: Can AVAX/USD dip below $12 soon?

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The Avalanche price analysis is having a slightly bullish day today as it is trading slightly in the greens. However, most of it has retraced back from the dip that occurred on the 9th of November 2022. Furthermore, even though some bullish momentum is present, it does not seem to be very high.

Avalanche price analysis: Can AVAX/USD dip below $12 soon?
Cryptocurrency heat map by Coin360

As the crypto heap map shows, Bitcoin and Ethereum have both stayed in the green today. Although, the increase has not been very significant, as both have only roughly increased by 6 percent, respectively. However, this has pushed the remaining market into having some positive sentiment also.

Avalanche price analysis: Can AVAX/USD dip below $12 soon?
Avalanche Price Chart by TradingView

The 1-day Avalanche price analysis shows that strong support was found at the $12.0 mark, which has also already been tested with a retrace. Despite the market having some bullish sentiment, the overall momentum is quite balanced.

The RSI has not crossed 36 today, which means that the market is slightly on the oversold side, although not by a great measure. On the other hand, the MACD is also not showing any significant improvement. So it is safe to assume that after the small retrace, Avalanche is going to stay balanced and hover between the $12-$13 mark today.

4-hour Avalanche price analysis: AVAX/USD has found support at $12

Avalanche price analysis: Can AVAX/USD dip below $12 soon?
Avalanche Price Chart by TradingView

The 4-hour Avalanche price analysis also confirms the fact that support was found at $12. The support has already been tested. Although, a second test would confirm its existence.

We can see that the RSI is reaching 45 on the RSI graph, suggesting that the market is balanced right now. On the other hand, the 4-hour MACD indicator is more positive as compared to the daily one. Nevertheless, the bottom line is that the bullish momentum is present, but it is not too strong. So, a further push upward seems unlikely.

Avalanche price analysis: Conclusion

The uncertainty in the market is high right now. This means that it may not be a good time for a short-term day trader to invest in Avalanche. However, long-term traders who believe in the future of crypto and Avalanche may want to buy at this point because, in the bigger picture, the prices are still astronomically low. On a shorter time, frame, it is not likely that Avalanche will dip lower than $12. Even if a dip occurred, it would be retraced quickly. However, the crypto market can still be very uncertain.

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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