Avalanche price analysis reveals that the market is in a bearish trend as prices constantly fall. There is some support for AVAX prices around $22.75 but it looks like it won’t be enough to stop the fall. The next level of resistance lies at $26.11; if that is broken, we could see some positive price action. However, if prices continue to fall, the next level of support lies at $21.50. The price for AVAX/USD has decreased by 3.37 percent in the last 24 hours and it is currently trading at the $24.01 mark.
AVAX/USD 1-day price analysis: Bears increases
The 1-day price chart for Avalanche price analysis shows that the market is currently in a downtrend as it has formed lower lows and lower highs. The market is expected to continue its downtrend as the bearish momentum increases. The bulls tried to push prices up but they failed to break above the $26.11 resistance level. The bears are currently in control of the market and they are likely to push prices down to the next support level at the $22.75 level.
The price is currently trading below the 21-day and 50-day moving averages, which is a sign that the bearish trend is still intact. The Relative Strength Index (RSI) is currently at 36.48, which suggests that the market is oversold and we could see some relief rally in the near future. The MACD indicator is currently in the bearish zone as the signal line is above the MACD line.
Avalanche price action on a 4-hour chart: Declining market trend
Avalanche price analysis on the 4-hour chart shows that the market is following a descending channel pattern as prices continuously fall. The market is expected to continue its decline as the bears remain in control. The price was trading at $22.75, which is the lower end of the descending channel, but it failed to break below it and started to rebound.
The market looks bearish in the short term as the 50-day and 200-day moving averages are trending downwards. The Relative Strength Index (RSI) is currently below the 40 level, which suggests that the market is oversold and we could see some relief rally in the near future. The MACD indicator line (blue) is above the line(red), which is a sign that the market is in a bearish trend.
Avalanche price analysis conclusion
To conclude, Avalanche price analysis shows that the market is in a bearish trend as prices continuously fall. The indicators on both the 1-day and 4-hour charts are suggesting that the market is oversold and we could see some relief rally in the near future. However, the overall trend is still bearish and the market is likely to continue its decline in the coming days if the bulls will fail to take control of the market.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-07-21/