Avalanche price analysis is in favor of bears for today as a decrease in price has been observed today. The market has been following a bearish trend since 5 May 2022, and today, the cryptocurrency is facing a loss once again as the bearish momentum has been able to stop the price from going above $44.2 by diverting the yesterday’s bullish trend in their favor. As a result, the price moved down to $37.8.
AVAX/USD 1-day price chart: Price sinks down to $37.8
The price is going down once again as a bearish trend has been confirmed from the one-day Avalanche price analysis. AVAX/USD pair is trading hands at $37.8 at the time of writing after being on the decline steadily since yesterday. The crypto pair has lost a value of 20 percent during the last 24 hours and has lost a value of 37.7 percent over the course of the last seven days. The trading volume has also been down by 5.96 percent, and the market cap has also decreased by 20.85 percent over the past day, which has limited the market dominance to 0.73 percent.
Moving on, the volatility has been on the increasing side, which is yet another bearish sign in the current scenario. The upper limit of the Bollinger bands is at $81, whereas the lower band value is at $39, the lower band was representing support for the coin price, but the price stepped below the support. The Relative Strength Index (RSI) is moving downwards further down in the undersold region at index 25. The indicator hints at the price function under high pressure as the selling activity continues in the market.
Avalanche price analysis: Recent developments and further technical indications
The four hours Avalanche price analysis shows the support has appeared at $36.4 as the price has started to recover after being on a downfall for 20 hours. The downfall intensified immensely before the support arrived, which has deteriorated the price levels drastically. However, the bullish return has helped in recovering the price up to $38, and the moving average value is standing at $43.5 for now.
The volatility has been high, which means that chances of further recovery may appear in the coming hours. The Bollinger Bands Indicator is dictating the following values; the upper value is currently at $56.7, whereas the lower value is at $37.1, representing support for AVAX. The RSI curve is now moving upwards as the buying process is reinstated, and the RSI level has now increased to index 27 after recovering from index 23.
Avalanche price analysis conclusion
The price is headed down once again, as it has been confirmed from the one-day and four hours Avalanche price analysis. The price has followed a downward movement today because of the bearish trend dominating the market. The bears were in the driving seat for the past 20 hours, but bullish help has also appeared just recently. But if the selling pressure returns, then cryptocurrency may look for support below $36.4.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-05-11/