Avalanche price analysis: AVAX rejects $13 as correction looms

The current Avalanche price analysis is pessimistic. Bulls attempted to increase the coin’s worth yesterday but were unsuccessful in doing so. Nevertheless, their support prevented a decline in price, and the coin’s price ended the day close to its previous price cap. But today’s price decline to the $12.71 level was caused by the strong selling pressure that had previously been there. The $12 stretch still has support further down at the $12.33 level, therefore the currency may continue to cover the range downward.

AVAX/USD 1-day price chart: AVAX breaks below $13 again

After bullish efforts were seen yesterday, a decrease in price is seen today according to the 24 hour Avalanche price analysis. AVAX is in decline since the beginning of the day after hitting resistance around $13.02 as bears drive the price down hour after hour. During the last week, cryptocurrency faced some strong correction along with a few bullish days, but today the coin lost 0.46 percent value again, and if seen over the past week, the coin lost nearly 6.85 percent value. The trading volume has also slightly decreased by 8.71 percent and the market cap receded by 0.48 percent.

The Bollinger bands have a smaller coverage area; the upper band is present at the $13.95 level and represents AVAX’s resistance, while the lower band is present at the $12.33 level and represents cryptocurrency’s support. The average of the Bollinger bands is located at the $13.14 level. Above the price level and the SMA 50 curve, the moving average (MA) is at the $13.29 level. Selling pressure is shown by the relative strength index’s (RSI) downward slope at index 41.

Avalanche price analysis: Recent developments and further technical indications

The 4-hour Avalanche price analysis reveals that bears have been in control of the market since the day’s beginning, with no help from buyers, as red candlesticks have been consistently forming, signalling further price decrease. The price levels have also continued to decline in the recent hours as bears seize every opportunity.

Due to the expansion of the Bollinger bands, the volatility is on the greater side. The top band of the Bollinger bands is at a value of $13.78 and the lower band is at a value of $12.47. At $13.13, Bollinger bands are currently yielding an average.

On hourly charts, the moving average is going downward and near the price level, indicating a bearish movement. The relative strength index (RSI) has also stooped lower and is currently hovering around index 33, although it is still in the lower neutral range.

Avalanche price analysis conclusion

The cryptocurrency is showing bearish indicators in the 1-day and 4-hour Avalanche price analysis as the price is generally moving downward. With the price now at $12.71, we anticipate it to keep falling for the rest of the day.