Avalanche price analysis suggests a bearish trend for today and supports sellers as the price has undergone a considerable decrease since morning. Although the bulls were in the winning position earlier, they were not able to sustain their momentum and AVAX prices plummeted to the support level of $12.60.
The general feeling in the market is still bearish as Avalanche drops to $12.96, The LINK/USD is down by 0.69 percent at the time of writing as the bulls continue to struggle to regain their foothold. The Market cap is hovering around $3,805,704,401, and a trading volume of $110,655,949 million has been recorded in the last 24 hours.
AVAX/USD 1-day price chart: Avalanche sets lower high after a retest of $12.60 support
The 1-day Avalanche price analysis shows bears are trending for the third hour consecutively, and a formation of red candlesticks can be seen on the 1-day chart. The bearish trend has again damaged the cryptocurrency’s value to a good extent as it plummets from the intraday high of $13.12. The cryptocurrency has formed a lower high near $12.60 and its downward trend is likely to continue in the long run as well.
The Relative Strength Index is near the oversold region, showing that the bears are in control as the sell-off continues. The moving average (MA) is trading at $13.06, and the bearish crossover is still active as the 50-day MA crosses below the 200-day MA. The upper Bollinger band is at $13.15 and this could act as a resistance for the sellers in the near term, while the lower Bollinger band is at $132.10 and could act as a support level in the upcoming sessions.
AVAX/USD 4-hour price analysis: Latest developments
The 4-hour Chainlink price analysis confirms the downtrend as the price has been trading below $13.00 for the last few hours. The price has formed lower highs and lower lows, which is a sign of bearish momentum in the market. The bulls have not been able to take the price above $13.12, which was broken earlier.
The price has breached the moving average (MA) crossover, indicating that the bears are likely to gain more control in the market. The selling pressure is increasing as well, as evidenced by the RSI approaching the oversold region. This suggests an increase in selling interest among traders and investors, which could further intensify the downward movement for Avalanche. The Bollinger bands are also expanding, indicating increased volatility and uncertainty.
Avalanche price analysis conclusion
Avalanche price analysis suggests that AVAX performed better at the start of the trading session today, but the cryptocurrency has been following a downtrend for the last 4 hours now. However, if the resistance present at $13.12 persists, then the coin may start to recover in the coming hours. On the other hand, if the selling pressure continues, then AVAX may step down into the $12.60 range.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-11-20/