Avalanche price analysis is in favor of bears today as the market has seen a depreciation in price to the $16.10 level. However, some buying pressure seems to be present as the market attempts to retrace back up. The immediate resistance is seen at $16.60, if the market can close above this level, further upside is possible. On the downside, support lies at $15.85, a breakdown below this level may cause AVAX/USD to retest the $15.50 mark.
The digital asset market has seen a lot of selling pressure in the past 24 hours, as most assets are down by over 2%. However, Avalanche (AVAX) is one of the few digital assets with no significant price movement and is currently trading at $16.10. Cryptocurrency has decreased by a marginal 0.65% in the past 24 hours and is currently trading just below the $16.30 resistance level. The 24-hour trading volume has decreased to $345,410,342 and the market cap now stands at $4,546,810,277.
Avalanche price analysis on a 1-day price chart: AVAX market likely to decline further
One-day Avalanche price analysis chart shows that the market has seen a bearish crossover as the 50-day SMA has crossed over the 200-day SMA. This is an indication that the market is in a long-term downtrend and is likely to continue declining further.
The Relative strength index indicator is currently at 37.75 and is also pointing downwards, indicating that the market is currently oversold and may see some buying pressure in the near future. The Moving average convergence divergence indicator is currently in the bearish zone as the signal line is above the histogram. The AVAX/USD pair is likely to continue declining further as the market remains under bearish pressure.
Avalanche price analysis on a 4-hour chart: AVAX/USD bearish swing brings the price down to $16.10
The 4-hour chart for AVAX/USD shows that the market has seen a bearish swing as the price depreciated from the $17.50 level to the current level of $16.10. The market is currently facing resistance at the $16.60 level and Support on the 4-hour chart is seen at $15.85.The market was following a descending trend line for the last few days, which has been broken today as the market attempts to retrace back up.
The 4-hour RSI indicator is moving below the 50 levels and is currently at 41.37, indicating that the market is oversold and may see some buying pressure in the near future. The MACD indicator is currently trading below the signal line as the histogram is seen moving below the 0 levels. The 50 SMA (simple moving average) is currently below the 200 SMA, indicating that the market is in a long-term downtrend.
Avalanche price analysis conclusion
To conclude, Avalanche price analysis shows that the report is in favor of the bears at the time of writing. Most of the technical indications are also bearish, and price momentum is downwards right now. The market is likely to decline further as it remains under bearish pressure.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-07-02/