Today’s Avalanche price analysis displays a bearish movement in the market, and the market moves in a negative direction, declining the price of AVAX significantly. The AVAX is declining from its daily high of $11.36 and currently trading at a low price of $11.13, representing a 1.61% decrease in the last 24 hours.
The current market sentiment for AVAX is bearish, and the price may continue to decline in the upcoming hours. The market cap for AVAX is currently $3,478,394,328 and the 24-hour trading volume has reached a total of $99,344,846 million. The next up-trending level for AVAX is seen at $11.36, and if the price breaks above this level, it can reach its next resistance level at $11.43. On the other hand, if the price drops below its current level and breaks the support at $11.03, it can further plummet to $10.90, which is the next support level for AVAX.
Avalanche price analysis: AVAX faces a support level at $11.03
The 4-hour price chart for Avalanche price analysis shows a continuous degradation of price, and no considerable bullish effort has been observed today. The last candlestick appearing on the 4-hour chart may also turn red soon as the volatility for AVAX has decreased comparatively since yesterday limiting the price function. The relative strength index (RSI) is moving horizontally, indicating some resistance from the bullish side, but if the RSI dips, it will be an indication of the price going further down.
The moving average (MA) is also showing some bearish traits as it is rising towards the price level on the 4-hour chart, and if the price falls a little more, the MA will go through a bearish crossover further authenticating the bearish dominance. The Bollinger bands are also indicating a bearish trend as the upper band is supporting the price at $11.89, and the lower band is hinting at a further drop to $10.98.
AVAX/USD 1-day price chart: More downtrend to follow?
The 1-day price chart for Avalanche price analysis shows the price breakup was downwards today and continues to go down as of now, and the AVAX/USD pair is trading hands at 11.13 at the time of writing. The price trend was upward during the last week, but today the price seems to be sliding sideways.
The relative strength index (RSI) is hovering in the neutral zone. The RSI is neither in the oversold nor in the overbought region but might take a dip soon as the price is expected to go further down. The moving average (MA) is still rising towards the price but hasn’t crossed yet, indicating that the bearish trend might continue. The Bollinger bands are also showing the price going further down as both the upper and lower bands are in a downward trajectory.
Avalanche price analysis conclusion
Avalanche price analysis suggests that the price might go down further. The 4-hour chart shows a bearish trend and is expected to continue going downwards, and the 1-day chart also shows the same trend, despite the fact that most of the technical indications are giving bullish signals but looking at the chart patterns and sinking volatility, it’s safe to assume that the price might go down in the short term.
Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-12-29/