Avalanche price analysis shows a bearish market sentiment established in the last few days. The market is currently in a broad-based selloff as investors flock to safe-haven assets amid concerns over the outlook for the global economy. The AVAX prices have been caught up in this sell-off and are now down by 16.71 percent on the day. The closest support level for the AVAX prices is set at $15.0. The prices are also facing resistance at $19.23.
The Avalanche prices have been under pressure in the last few days as investors fled to safe-haven assets amid concerns over the outlook for the global economy. The market is currently in a broad-based sell-off and the AVAX prices have been caught up in this sell-off. AVAX is ranked position 16 overall,with a trading volume of $1,097,868,904.65.The market dominance of AVAX is currently at 0.45 percent.
Avalanche price action on a 1-day price chart: Bears rule the market
Avalanche price analysis indicates a declining trendline in the market that has been witnessed, with the prices currently trading around $16.86. The market is facing significant selling pressure as prices dip to lower levels. The MACD indicator is currently in bearish territory, indicating further downside pressure in the market. The RSI is also in the oversold region, which indicates that the prices may rebound in the near term.
The market is currently facing significant selling pressure as prices dip to lower levels. The MACD line is likely to extend its bearish crossover with the signal line. The moving averages are currently in a bearish crossover and this is likely to add to the downside pressure in the market. For instance, the 50-day EMA is currently crossing below the 200-day EMA, which is a bearish signal.
Avalanche price action on a 4-hour price chart: AVAX prices dip to $15.40
Avalanche price analysis shows that the market is currently in a bearish trend as prices have dipped below the $16.00 level. The market is likely to find support at the $15.40 level, which is a key psychological level for the market. The MACD indicator is currently in bearish territory, which indicates that the market may see further downside pressure. The RSI line is currently trading in the negative region, which indicates that the market is currently oversold.
The 50-day MA is currently crossing below the 200-day MA, which is a bearish signal. The market may see further downside pressure in the near term as the 100-day MA is also trending lower. The market volatility is relatively low as indicated by the Average True Range indicator.
Avalanche price analysis conclusion
To sum up, Avalanche price analysis shows that the market is currently in a bearish trend as prices have dipped below the $16.00 level. The market is likely to continue its downward trend in the near term as indicated by the technical indicators. The bulls have not been able to defend the $16.00 level and the market may find the next support level at $14.5.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-06-13/