Avalanche price analysis reveals the bearish momentum in the AVAX market, with prices falling below $20.00 as of today’s trading session. The bulls have also been observed making their efforts for recovery, yet today’s trends have been in the favor of bears trying to go down to $19.40, but there is a possibility for the trend to turn bullish anytime.
It looks like the market is still finding its way to find a balance and regain ground. The strong resistance at $20.77 has been difficult for the bulls to break, however, it shows that if they manage to cross this mark then there could be more gains in store in the short term.
On the other hand, AVAX has also been able to maintain its support at $19.40, so if prices start to drop then there could be a good opportunity for buyers to enter the market and push prices higher. The current trend seems to be hinting toward a bullish move in the near future, however, traders should remain cautious and not make any hasty decisions.
AVAX/USD 1-day price chart: Avalanche faces bearish upset at $20.00
The one-day Avalanche price analysis is indicating a slight decrease in Avalanche’s price after the market faces a bearish upset at $20.77and the price decreased to $20.00. The small red candlestick is indicating a minor loss in the value as the trend lines suddenly move downwards. The AVAX/USD has lost 0.54% in the last 24 hours with more selling pressure being observed in the market.
The MACD indicator and the moving averages are also showing a bearish trend, however, if the bulls are able to hold onto their current levels then there could be some hope for recovery in the near future. The MACD line is below the signal line and is indicating a bearish trend at the moment. The Relative Strength Index (RSI) graph is showing a little downward movement with a value going down to an index of 68.17.
Avalanche price analysis: Recent developments and further technical indications
The 4 hours candlestick chart displaying Avalanche price analysis reveals loss for cryptocurrency holders today. The past few hours have been crucial for cryptocurrency, as the price levels kept on falling until they reached the level of $20.00, and then support appeared and the price recovered back up to $19.40.
The moving average (MA) has been $19.93 just below the current price. The trend line is firming a bearish pattern, but the MACD line indicates a possible bullish crossover if the buying pressure increases. The RSI is also indicating an oversold market but with some potential for recovery in the near future.
Avalanche price analysis conclusion
Overall, the Avalanche price analysis has revealed a bearish trend in today’s trading session. Selling pressure is still present in the market, however, bulls are doing their best to stay afloat and there could be some hope for recovery in the near future.
Source: https://www.cryptopolitan.com/avalanche-price-analysis-2023-01-31/