Avalanche price analysis reveals a downward trend today as the market price decreases to $13.18 after a bearish run. The upper boundary of the range is at $13.68, while the lower boundary is at $13.03 after undergoing a 24-hour loss of 2.59%. The 24-hour trading volume for AVAX/USD pair stands at $141,442,859, and the total market capitalization is currently at $4,099,847,453.The cryptocurrency pair ranks #18 in the market.
AVAX/USD 4-hour price analysis: recent developments and further technical indications
The 4-hour Avalanche price analysis is declaring bearish supremacy as the price has been covering a range downwards from the start of the trading session and even in the last four hours, after getting a breakout downwards today. In the past few hours, a downward trend has been observed as the price has moved down to the $13.18 level. The price has dropped significantly as the bears are gaining strength.
The Relative Strength Index (RSI) is currently at 36.73 indicating a strong bearish move. The Bollinger bands are currently close to each other, which is a sign of low market volatility. Therefore, we can expect the market to remain bearish over the next few hours as it could target the $14.364 mark. The upper and lower Bollinger bands, which signify the resistance and support for AVAX, are at $16.0936 and $12.626 respectively. The price has been trading below the moving average (MA), which is present at $14.355.
AVAX/USD 1-day price analysis: Bearish momentum continues
The 1-day Avalanche price analysis coin is displaying bearish indicators as the price has dropped to the $13.18 level. The price has decreased significantly as the bearish momentum has been intensifying for the last few days. The moving average in the four hours price chart is standing at the $291.4 level. The volatility has been rising during this time, and the Bollinger bands are currently expanding.
The upper Bollinger band is now at $20.965, whereas the lower Bollinger band is situated at the $13.218 level, and if the downfall continues, then soon the price will travel below the MA level. The RSI score is going in the same direction and has decreased to 16.309, which demonstrates that the market is neither overbought nor oversold.
Avalanche price analysis conclusion
The price experienced bearish progression today, as confirmed by the one-day and four-hour Avalanche coin price analysis. The bears are set on track as they have been able to bring the price down to the $13.18 level in the last 24 hours as the trend remained bearish throughout the day. It can be expected that the cryptocurrency will continue its bearish descent in the coming hours.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-12-07/