Avalanche price analysis: AVAX falls below $16.00 after rejection at $17.00

TL;DR Breakdown

• Avalanche price analysis suggests a downwards movement to $15.00
• The closest support level lies at $15.50
• AVAX faces resistance at the $16.30 mark.

The Avalanche price analysis shows that AVAX was set up a foothold above the $17.00 mark, and the price has fallen below the $16.00 mark. Currently, the price volatility is low, but the bearish pressure is increasing as AVAX struggles to find support. 

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record positive price movements. Major players include DIVI and XMR, recording a 7.30 and a 6.80 percent incline, respectively.

Avalanche price analysis: AVAX falls below $16.00

The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows low bullish momentum as observed in the short height of the histogram. Furthermore, the indicator’s lighter shade suggests a decreasing bullish momentum as the price action falls below the $16.00 mark. 

The EMAs are currently trading below the mean position as net price movement over the last seven days remains negative. However, as the markets observe bullish activity, the EMAs make a return to the mean position, with the 12-EMA taking the lead. In recent hours the upwards slope of the EMAs has declined, and the two EMAs have started to converge. 

The RSI had dived into the oversold region on June 13 but has since moved back into the neutral region as the price action consolidates around the $0.5000 mark. At press time, the index trades below the mean level at 50.00 and hovers at 40.84, moving horizontally with a bearish bias. The current position leaves room for volatile movement in either direction, while the current slope suggests low pressure from either side of the market.  

The Bollinger Bands were narrow until June 10 but then exhibited sharp divergence as the price action observed sharp volatility. Currently, the indicator has started to show a narrow channel as the price action consolidates around the $16.00 mark. At press time, the indicator’s bottom limit provides support at the $14.88 mark, while the mean line presents a resistance level at the $16.30 mark. 

Technical analyses for AVAX/USDT 

Overall, the 4-hour Avalanche price analysis issues a sell signal with 14 of the 26 major technical indicators supporting the bears. On the other hand, only two of the indicators support the bulls showing little to no bullish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.

The 24-hour Avalanche price analysis shares this sentiment and also issues a sell signal with 14 indicators suggesting a downwards movement against only three indicators suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing low buying pressure for the asset across the mid-term charts. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.

What to expect from Avalanche price analysis?

The Avalanche price analysis shows that the bulls tried to initiate a rally but got rejected at the $17.00 mark as the bullish momentum was low and the selling pressure continued to increase. Currently, the price has fallen below the $16.00 mark and shows signs of further downwards movement as the bears dominate the market.

Traders can expect AVAX to move downwards to the $15.00 mark as the bears take over. Furthermore, the suggestion is supported by the mid-term technical indicators, which show strong bearish dominance. If the bulls are unable to defend the $15.00 mark, AVAX is likely to fall to the $14.00 mark again.