AVAX/USD bearish for the next 24 hours

TL;DR Breakdown

• Avalanche price analysis is bearish today.
• AVAX/USD is presently at $115.2.
• Another lower high has likely been established. 

The current retracement appears to have ended, resulting in a reversal next, making today’s analysis bearish. The likelihood of AVAX/USD falling further is high over the next 24 hours.

The major support level indicated by yesterday’s article, at $110, retraced to a low of $108 before going even lower and making a high for this short-term cycle near $112. Another higher high has likely been established over the last 24 hours, meaning more downside is expected in today’s Avalanche price analysis.

The Bollinger bands show a potential downward Bollinger bounce. However, the price will likely fall through this support level and test the next one at $105 or even lower.

The RSI also indicates that volatility has been reduced, which could indicate a reversal from today’s Avalanche price analysis bearish to bullish soon enough. The MACD shows a sign of weakness, making a new low while the histogram falls below zero. These indicators all point to further downside in AVAX/USD over the next 24 hours.

We can see that another trend line begins at  $108  and rises to approximately $113 in an attempt to act as resistance. This level has not been tested yet. Also, we can see that the lows of this price cycle all approximate an upward trend line.

This means that there is a potential for another uptrend that will likely be announced if AVAX/USD attempts to cross this resistance level and test $117 again. If not, look for support near $105 before lower prices are likely.

AVAX/USD 4-hour chart: AVAX ready to reverse?

On the 4-hour chart, we see that the Avalanche price has risen to $110 resistance, which might suggest a retreat back down towards the downside over the next 24 hours.

Over the last week, the price of an AVAX has gradually reversed. After establishing a solid swing high at $127.5 midway through the month, AVAX/USD subsequently reached a major swing high at $127.5.

A downturn in the stock market is causing discomfort, alarm, and opportunity. If you have not yet adjusted your goals to suit this new reality, there remains time to do so. The recent selloff might be viewed as a typical correction or bear market, but it has many characteristics of a bull market rally.

On Thursday, the Avs’ price action had arrived at its current low of $98.25. Since then, AVAX/USD has recuperated some of the loss as it climbed to the $110 resistance barrier. The reversal will occur in the following hours near the resistance, resulting in another fall over the next days.

Avalanche Price Analysis: Conclusion 

The Avalanche price prediction for today is bearish, as we anticipate a reversal to follow after the current consolidation around $110 resistance. Now that AVAX/USD appears to be ready to continue testing further downside, along with the entire week-long retracement, it will likely do so.

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