AVAX Price Subdued Near 50-Day EMA; Is $0.70 Possible?

AVAX price record losses for the third session in a row. In today’s session, the price witnessed an increase in selling pressure that pushed it toward the critical support level at the 50-day EMA. If the AVAX buyers failed to defend the key levels more downside is possible in the short term.

• AVAX price extends the losses as breaches the $90.0 demand zone.
• A fall below the 50-day EMA could revisit the price toward $0.70.
• However, a quick recovery above $90.0 could send AVAX price to retest $100.0.

As of press time, AVAX/USD reads at $85.41, down 6.26% for the day. The 24-hour trading volume of the 10^th largest cryptocurrency holds at $1,378,532,262 as per the data given by the CoinMarketCap.

AVAX price moves downward

AVAX’s price has dropped 22% in the past week, indicating an increase in selling pressure. As the bulls failed to breach the $104.0 level that resulted in the current price action. Since then, the token has lost 35% and is currently showing signs of breaching the critical 50-day EMA (Exponential Moving Average) at $85.19.

Furthermore, the mentioned level harbors a demand zone, a breakdown of the zone will indicate the continuation of selling pressure and a further crash in the asset. In this scenario, the price could dive straight to the crucial $70.0 level.

On the contrary, a shift in the bearish sentiment could produce a good chance of a recovery above the session’s high. This if happens would alleviate the prevailing bearish outlook.

On moving higher, the bulls could revisit the psychological $100.0 level. A consolidating above the mentioned level might be a key in triggering another run-up above the short-term consolidation.

Technical indicators:

RSI: The daily Relative Strength Index slipped sharply below the average line indicating the downside pressure.

MACD: The Moving Average Convergence Divergence is poised to move lower with the advancement of bearish momentum.

About Author

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.