Will Avax Crypto Bounce Back?

Avalanche crypto has been in a downtrend for the past week. It halted near the $50.12 mark and is facing resistance from the upper trendline.

The price action suggests that Avalanche crypto has been under selling pressure, and the buyers have been passive. On the other hand, the sellers have a strong advantage and continue to make short positions.

The price of Avalanche (USD: Avax) shows signs of weakness, losing the gains, and is trading above the key moving averages. Avax crypto was briefly pushed below the $33.68 trendline. The buyers failed to maintain the momentum and started to exit their positions, resulting in a decrease in the crypto price.

At press time, Avax crypto was trading at $34.56 with an intraday loss of 5.24%, taking support on the 200-day EMA, showing bearishness on the charts. Moreover, the intraday trading volume is 34.228 Million. The market cap of Avax crypto is 2.391 Billion.

Over the span of a week, Avax crypto has experienced a decrease of approximately 14.29%, and in a month it gained around 31.45%.

Technical Analysis of Avalanche Crypto Price in 1-D Time Frame

Avalanche crypto is currently trading above the 50-day and 200-day EMAs, which are providing support to the price trend. However, if selling pressure increases, the price could break below these EMAs and drop further.

The RSI indicator is currently at 42.80, which is in the neutral zone. However, the 14-day SMA is above the RSI curve, which is a bearish signal.

The MACD indicator is also bearish, with the MACD line having crossed below the signal line. This indicates that the Avalanche crypto is likely to fall further in the near future.

Overall, the technical indicators suggest that Avalanche crypto is bearish in the short term. However, if it can stay at this level, it could continue to rise in the long term.

Summary

Avalanche (USD: Avax) technical oscillators also support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the Avax crypto price. Avalanche price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.

Technical Levels

Support Levels: $26.68

Resistance Levels: $43.37

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.