Avalanche price analysis shows that AVAX prices are currently in bearish market sentiment. Prices have been on a downtrend for the last few hours and have currently found some support at $22.99. Key resistance for AVAX prices is seen at $24.09, and a breakout above this level could see prices head back towards the $25 region. However, if prices fail to break out above $24.09, then we could see AVAX prices retrace back down to $22.99 support levels.
The digital asset has a trading volume of $552 million. At the time of writing, AVAX was trading down by 0.60 percent at its current price of $23.39. The cryptocurrency has a total market cap of $6.63 billion and is currently ranked at number 44 on CoinMarketCap’s list of largest cryptocurrencies by market cap.
AVAX/USD 1-day price chart: AVAX prices could decline further
The daily chart for Avalanche price analysis shows that the digital asset has been in a downtrend as the buyers have not been able to push prices above the $24.09 resistance level. A bearish head and shoulders pattern is also forming on the daily chart, which could see prices fall back down to $22.99 support levels if the $24.09 resistance is not broken soon.
The RSI indicator for AVAX/USD is currently around the 42 level, which shows that the digital asset is in neither overbought nor oversold conditions at the moment. The MACD indicator for AVAX/USD is currently in the bearish territory as the signal line (blue) is above the histogram (red). This shows that prices could continue to fall in the short term. The EMA ribbon indicator is also bearish as the ribbon is currently heading downwards.
AVAX/USD 4-hour price chart: Declining market trend
The hourly chart for Avalanche price analysis shows that the market has started trading in a range between $23.39 and $24.09. A breakout from this range could see prices head towards the $25 region. The bulls were currently in control of the market for the last 4-hours as they pushed prices from the $22.99 support up to the current levels.
The RSI indicator is currently below the 50 level, which shows that the market is currently in bearish momentum. The MACD indicator is currently in the bullish territory as the signal line (blue) is below the histogram (red), but a crossover could see prices head back down to $22.99 support levels. The bears are in control of the market as the EMA ribbon is currently heading downwards.
Avalanche price analysis conclusion
Overall, Avalanche price analysis shows that the market is currently in bearish momentum as prices have failed to break out above the $24.09 resistance level. The bears and the bulls are currently fighting for control of the market and a breakout from the current range could see prices move towards the $25 region.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-08-04/