Avalanche price analysis: AVAX price backtracks to $101 as bears regain dominancy

TL;DR Breakdown

• Avalanche price analysis is bearish today.
• The resistance is found at $106.
• The support for AVAX is found at $97.7.

The Avalanche price analysis is showing bearish results for the day as the price underwent loss once again. The price has decreased up to $101, continuing the downtrend that started on 2nd January. The short-term trending line is going downwards, which means that the bears are in the leading position. The price is on a continuous decline and has reached the weekly lowest level.

AVAX/USD 1-day price chart: Bearish slide devalues AVAX price up to $101

The 1-day Avalanche price analysis chart is moving in a bearish direction today as well after a prolonged period of loss. The AVAX/USD price has now stooped down to the lowest level of the week at $101.3. The coin has lost a value of 4.48 percent over the last 24 hours and has lost a value of 2.33 percent over the past week due to the bearish spell. The trading volume has decreased by 12.79 percent, and the market cap has suffered by 3.06 percent over the past 24 hours.

The volatility has been mild, which is why the upper Bollinger band value is at $123, and the lower Bollinger band value is at $99, representing support for AVAX. The Relative Strength Index (RSI) score is going down as well because of the decrease in price and is present at index 45 in the lower half of the neutral zone. The moving average (MA) is trading at the $106 mark.

Avalanche price analysis: Recent developments and further technical indications

The 4-hours Avalanche price analysis is showing bearish signs as the price has gone down to reach the $101 level, despite the fact that the price breakout was upwards at the start of the trading session. There has been a continuous decrease in the price during the previous four hours, and yet the price is covering the downward movement at present. The price is far below the moving average value, i.e., $105. The volatility has been high for this time period as the price oscillated in a rapid manner today.

The upper Bollinger band is now at $115, whereas the lower Bollinger band is situated at the $100 level, and if the downfall continues, then soon the price will travel below the lower band. The RSI score is going towards decline as well and is at the lower than average position of index 35, quite near the undersold region.

Avalanche price analysis: Conclusion

The 4-hours and the 1-day Avalanche price analysis is showing that the AVAX is struggling at the $101 level and continues to look for support as the bearish momentum has increased. There has been a constant downtrend for the last four days. If the RSI, as seen on the 4-hour chart, continues to travel down and enters the underbought region, that will be another sign for extension of the bearish trend.

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