Avalanche price analysis: AVAX to retest $71.7 support as bears suppress price levels

TL;DR Breakdown

• Avalanche price analysis is bearish today.
• Support for AVAX/USD is present at $71.7.
• Resistance for AVAX is found at $78.

The Avalanche price analysis suggests the AVAX/USD price function has been suppressed by the bearish pressure, as a drop in price level has been reported for today. The bulls are trying to hold on to $73.2 after following the downward movement since yesterday. Right now, it is present at a $73.4 value as a slight bullish recovery has been detected in the last four hours. Although the bears tried to restrict the upward trend, the bulls are trying to proceed with their mission once again but are unable to uplift the price considerably as the bearish pressure still weighs on the price function, and the power of balance lies towards the bears.

AVAX/USD 1-day price chart: Bearish momentum drags price to $73

The one-day Avalanche price analysis is showing signs of bearish activity as the red candlestick has returned to the price chart. The past two days have proved crucial for the cryptocurrency, as a downward trend has been following. There has been a recurring fall occurring in the coin value, and today its value has been lowered to $73.4, losing 7.66 percent value during the last 24 hours. The current price value is below the moving average (MA) value which is settled at $75.9.

The SMA 20 curve is traveling low again as the bears are regaining their strength. The Bollinger Bands Indicator in the 1-day price chart points out the following values; the upper value at $95.5 represents the resistance, while the lower one at $67.7 represents the support. The Relative Strength Index (RSI) score has decreased to index 44 as well because of the drop in price.

Avalanche price analysis: Recent developments and further technical indications

The price has been traveling low according to the four hours Avalanche price analysis. The recent downturn in price movement has resulted in its decline as it has been lowered to $73.5. Chances of recovery seem minimized as the bullish efforts have not been fruitful so far. The price has been trading below the moving average value as well, which has been standing at $77.4 position.

The volatility has slightly increased again after decreasing previously. The upper Bollinger band is now touching the $83.9 mark, whereas the lower Bollinger band is on the $72 mark. The RSI curve has descended to the index 41 mark, confirming the drop in price.

Avalanche price analysis conclusion

The bears are trying to continue their lead once again after a continuous drop in price recorded since yesterday. The AVAX/USD price has dropped to the $73.4 level, thus confirming the decrease in price. We can expect a downward price movement in the upcoming hours, as the four hours price analysis also shows a lack of bullish momentum.

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