Recent Avalanche price analysis shows that the bears have forced AVAX into a short-term downswing. The price is currently trading at $16.81 and it looks like it may continue to fall further in the near term. Support for AVAX/USD is present at $16.56 and if the price falls below this level, it could drop to $16.20. Resistance for the AVAX/USD pair is present at $17.03 and if the price manages to break above this level, it could rise to $17.50.
AVAX/USD 1-day price chart: Bears continue defining the price curve
The 1-day Avalanche price analysis report confirms a bearish price movement for today, as the price has decreased up to $16.81. The decrease in price value is substantial as the coin lost 0.33 percent value during the last 24 hours. The price has been experiencing a fall for the past few days, as it lost almost 5 percent value in the last seven days. The 24-hour volume of the coin is recorded at $302 million and the market cap value stands at $2.06 billion.
AVAX/USD 1-day price chart, source: TradingView
The bears have been able to bring the price down again in the last 24 hours after gaining momentum. The price has also been trading below the moving average (MA) value as well which is at $17.04. The Relative Strength Index (RSI) value is currently at 40.98 and it looks like the price may continue to fall in the near term as the RSI value remains below the 50 levels. The Bollinger bands have been contracting which is an indication of decreasing market volatility.
Avalanche price analysis: AVAX/USD heads towards a $16 low after a bearish drive
The 4-hours Avalanche price analysis is declaring the bearish supremacy as the price has been covering a range downwards from the start of the trading session and even in the last four hours, after getting a breakout downwards today. In the past few hours, a downward trend has been observed as the price has moved down to the $16.81 level.
AVAX/USD 4-hour price chart, source: TradingView
In the 4-hour price chart, the moving average is trading at $17.15 which is above the current market price. The Bollinger bands show divergence on the 4-hour chart, and the increase in volatility has changed the upper band’s value to $17.03, and the lower band’s value has come down to $16.56. The RSI level has decreased to index 33.30 because of the selling activity observed since yesterday.
Avalanche price analysis conclusion
The Avalanche price analysis report is in favor of the bears at the time of writing. Most of the technical indications are also bearish, and price momentum is downwards right now. The one-day and four-hour charts are both in the bearish zone. So, it looks like the price may continue to fall in the near term and it could drop to $16.20 levels. The bulls need to build up some strength in order to push the price back up towards the $17.50 level.
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