Avalanche price analysis shows that the market is bearish in the short term. The AVAX/USD pair is currently trading at $15.60 and is facing resistance at $15.74, however, a break above this level could see AVAX/USD target the $15.95 resistance. On the downside, support for AVAX/USD is present at $15.42, and a break below this level could see the pair target the $15.25 support. The market took a sharp turn lower over the past few hours as bears managed to push the price below the $15.74 mark.
The digital asset is currently range-bound between the $15.42 and $15.74 levels and is likely to remain so for the next few hours. The 24-hour trading volume has slightly increased over the past few hours and is currently at $110 million. The total market capitalization of the asset is currently at $4.61 billion, which is slightly higher than its previous close.
Avalanche price analysis on a 24-hour price chart: Bears in control as prices dip below $15.74
The 1-day Avalanche price analysis report confirms a bearish price movement for today, as the price has decreased up to $15.60. The decrease in price value is substantial as the coin lost 0.74 percent value during the last 24 hours, and the cryptocurrency also shows a huge loss of 7.80 percent over the past week as the bears have been in the driving seat. The price has been experiencing a fall for the past few weeks, with bullish interruptions as well.
The upper limit of the Bollinger band is at $15.57, which is well below the current market price, indicating that prices could continue to fall in the short term, whereas the lower Bollinger band value moved down to $15.27. The RSI indicator is currently at 37.91 and showing no signs of a bullish reversal, indicating that the market could remain bearish for the next few hours. The MACD indicator is currently well below the signal line, indicating that prices could continue to fall in the short term.
Avalanche price analysis: Recent developments and further technical indications
The 4-hours 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 $15.60 level. The price has dropped significantly as the bears are gaining strength.
In the 4-hour price chart, technical indicators are currently pointing to a bearish market as the MACD indicator is indicating a strong bearish move, and the RSI indicator is currently at 43.07 levels. 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 $15.42 mark.
Avalanche price analysis conclusion
Avalanche price analysis is bearish in the short term as the market has slipped below the $15.74 level. The market may test the $15.42 level in the near term if the bears mount further pressure. Price analysis of Avalanche shows that AVAX/USD is currently in a bearish trend as it slides to $15.60. The technical indicator analysis is also bearish in the short term as all indicators are pointing towards a further downside.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-10-16/