Avalanche price analysis for today shows that the AVAX/USD pair has fallen to a new low of $22.88 after a bearish drive. The market has found support at $22.75, but the bulls have not been able to push the price higher. The AVAX/USD pair is facing resistance at $23.63.
The AVAX/USD pair is currently in a bearish trend and is expected to continue to decline in the short term. The price has declined by 2.72 percent in the past 24 hours and the market capitalization for the coin is currently at $6,851,268,778 and the 24-hour trading volume is $599 million.
AVAX/USD 1-day price analysis: Avalanche consolidates around the $24.13 mark
On 24-hour Avalanche price analysis shows that the market has been facing rejection at the $25.46 level after a brief period of consolidation. The prices have been stuck between the $23.45 to $25.46 range and it seems like the market will start heading upwards once it breaks out of this range. Investors should look for a breakout above the $25.46 resistance or a breakdown below the $23.45 support to enter into new positions.
The RSI for the AVAX/USD pair is currently at 52.63 and it is facing resistance at the $25.46 level. This indicates that the market is in a slight bearish momentum and a breakout above the $25.46 resistance could lead to a rally in the prices.
The Moving Average Convergence Divergence (MACD) for the pair is currently in bearish territory and is indicating that the market is in a downtrend. The upper and lower bands of the Bollinger Bands are also close to each other, which indicates that the market is in a consolidation phase.
AVAX/USD 4-hour price analysis: AVAX/USD heads towards a $24 low after a bearish drive
The 4-hour price chart for Avalanche price analysis shows that the market is in a clear bearish trend. Prices have been falling consistently over the past few days and there seems to be no end in sight to the current downtrend.
The decreasing volume is also an indication that the market is losing steam and is expected to head lower in the short term. The $24 level is key support for the AVAX/USD pair and it seems like the market will head towards this level before finding any form of support.
The Bollinger bands indicators on the 4-hour chart for AVAX/USD are currently in a bearish mode and are indicating that the market is in a downtrend. The RSI for the pair is currently at 44.36 and it is heading towards the oversold levels, which indicates that the market is bearish in the short term. The MACD for the pair is also in bearish territory as it is moving below the signal line.
Avalanche price analysis conclusion
Overall, the Avalanche price analysis is in a clear downtrend and is expected to continue to head lower in the short term. The key support level to watch out for is $23.45 and if this level holds, we could see a rebound in prices. However, if the $23.45 level breaks, we could see the AVAX/USD pair head towards the $22 level. The technical indicators on both charts are currently in bearish territory and are indicating that the market is likely to continue to decline in the near future.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-08-25/