The results of the Avalanche price analysis are negative for the day as the price continued to decline. Due to the selling pressure that has developed since the price increase that was seen yesterday, the price has dropped to $20.38. The fact that the short-term trending line is moving upward indicates that the bulls are still in a stronger position. On the other hand, the price is currently declining steadily and has dropped considerably.
AVAX/USD 1-day price chart: Market pressure hinders bullish streak
Following a week-long bullish run, the 1-day Avalanche price analysis chart is now going in a bearish manner. The AVAX/USD exchange rate is currently $20.38. The coin has lost 0.32 percent of its value in the last hour, but thanks to yesterday’s price surge, it still shows gains of 12.95 percent over the past 24 hours. Over the previous 24 hours, the market cap has climbed by 12.98% and trading volume has increased by 92%.
AVAX/USD 1-day price chart. Source: TradingView
The volatility has been high, which is why the upper Bollinger band value is at $20.79, and the lower Bollinger band value is at $12.81, representing support for AVAX. The Relative Strength Index (RSI) score is going down as well because of the decrease in price and is present at index 71 which is still overbought position, however, the indicator is moving towards the neutral range. The moving average (MA) is trading at the $18.24 mark.
Avalanche price analysis: Recent developments and further technical indications
Even though the price breakout was upwards at the beginning of the trading session, the 4-hours Avalanche price analysis is displaying bearish indicators as the price has dropped to the $20.38 level. The price has been continuously falling for the last 10 hours, yet at this moment, it is still covering the decline. The price is still significantly higher than the moving average, which is $19.38. For this time period, volatility has been considerable due to yesterday’s sharp price fluctuations.
AVAX/USD 4-hours price chart. Source: TradingView
The upper Bollinger band is now at $20.94 which represents the resistance, whereas the lower Bollinger band is situated at the $16 level which represents the support on an hourly basis. The RSI score is going towards decline as well but is at the higher than average position of index 68, in the upper neutral region.
Avalanche price analysis: Conclusion
The AVAX is correcting near the $20.38 level and is still looking for support as the bearish trend has accelerated, according to the 4-hour and 1-day Avalanche price analysis. Over the past few hours, there has been a consistent downward trend. Support, though, might also show up soon to stop the price slipping.