- Avalanche (AVAX) price is once again at 52-week low.
- Trading volume has decreased by 24% in the last 24 hours.
Avalanche (AVAX) is in the red zone of bullish oversold. This week again saw buyers testing lower levels. However, the crypto market is battling the selling pressure. Therefore, traders follow the strategy of selling on the rise so far.
In the letter of November, buyers lost the important hedge zone which turned into immediate support. The $14 mark became key bullish hurdle and buyers often found higher price rejections at this price level. As of now, the $11 level is acting as a rescue zone for the bulls ahead of the conceptual round level of $10.
Against the USDT pair, Avalanche (AVAX) fell 0.75% in the last 24 hours while buyers bid at $11.87 at press time. Buyers have to struggle if they want to change AVAX price trend. Undoubtedly, the market sellers are dominating AVAX since August’s high, so probably the major price recovery occurs after round level retest.
Market capitalization fell 0.75% overnight when buyers saw it at $3.69 Billion in the last 24 hours. AVAX price stays at the verge of breakdown if buyers don’t take a step ahead soon. Meanwhile, trading volume is down 23% in the last 24 hours, reported at $113 Million– low compared to other weeks.
In terms of the daily price scale, the Relative Strength Index (RSI) recently recovered from the oversold zone. Buyers can trade aggressively on this positive signal. Besides, the Money Flow Index (MFI) found major support at the semi-line (50 points), this may create a healthy environment for the bulls. Conversely, the MACD is still supporting the bearish trend as it is in the negative zone.
Conclusion
Fortunately, the level of the conceptual round is $10 below the current price of Avalanche (AVAX). The RSI and MFI indicators show a slightly positive outlook but how bulls are trading bullish when the MACD turns down into the negative zone.
Support level – $10
Resistance level – $14 and $20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/21/avalanche-avax-price-hits-two-year-low-near-10-mark-is-this-support/