Avalanche price analysis: AVAX rejected at $22 falls below $20

TL;DR Breakdown

• Avalanche price analysis suggests a downwards movement to $18
• The closest support level lies at $18.94
• AVAX faces resistance at the $21.91 mark

The Avalanche price analysis shows that AVAX has failed to break above the $22.00 resistance level and has fallen back to the $19.00 mark as the selling pressure increases over the short-term charts. 

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record negative price movements. Major players include DOGE and NEAR recording a 7.78 and a 7.09 percent decline, respectively.

Avalanche price analysis: AVAX rejected at $22

The MACD is currently bearish as expressed in the red color of the histogram. Moreover, the indicator shows strong momentum in recent hours as observed in the low height of the histogram. However, the lighter shade of the histogram suggests a declining bearish momentum in the short term.

The EMAs are currently trading above the mean position as net price movement over the last seven days remains positive. However, as the markets observe bearish activity, the EMAs move down towards the mean line, with the 12-EMA taking the lead. In recent hours the low gradient of the EMAs suggests a low trading activity in the AVAX markets.

The RSI was very high a few days ago as it touched the border of the overbought region but has moved down since. At press time, the index trades around the mean level at 50.00 and hovers at 47.84 moving downwards to show the slight selling pressure. The current position leaves room for volatile movement in either direction, while the current slope suggests low pressure from the bearish side of the market.  

The Bollinger Bands were moving in a wide channel until June 25 but converged as the price action stagnated around the $20.00 mark. Currently, the narrowing indicators suggest a decline in price volatility as either side of the market struggles for dominance. At press time, the indicator’s mean line presents resistance at the $20.42 mark, while the lower limit provides support at the $18.93 mark. 

Technical analyses for AVAX/USDT 

Overall, the 4-hour Avalanche price analysis issues a sell signal with 11 of the 26 major technical indicators supporting the bulls. On the other hand, only seven of the indicators support the bears showing significant bearish presence in recent hours. At the same time, eight indicators sit on the fence and support neither side of the market.

The 24-hour Avalanche price analysis share this sentiment and issues a sell signal with 11 indicators suggesting a downwards movement against six indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing strong buying pressure for the asset across the mid-term charts. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.

What to expect from Avalanche price analysis?

The Avalanche price analysis shows that while the bulls have made another attempt at the $22.00 mark, the unsuccessful attempt has caused the price to fall below the $20 mark. Currently, the price is moving downwards towards the $18.00 support level as the bears take over the markets.

Traders can expect AVAX to move downwards towards the $18.00 as the selling pressure increases across the short term. This suggestion is reinforced by the mid-term technical analyses which show a bearish dominance over both the 4-hour and the 24-hour charts. As such, the price can be expected to move between $18 to $20 with a potential downwards movement to the $16.00 mark.