The Avalanche price analysis points in a bearish direction for today as the coin went into correction late at night. The price has decreased to the $20 level as bears got the lead back after the price broke upwards at the start of today’s trading session. The price function was under pressure as the coin corrected at the end of the previous trading session as well; the coin gained bullish momentum back during the starting hours. But the bearish pressure has returned, and the price is on a decreasing trend.
AVAX/USD 1-day price chart: AVAX price falls to $20 as selling pressure builds
The 24-hour Avalanche price analysis shows the price has decreased again after increasing in the beginning hours. The AVAX/USD pair is trading hands at $20 at the time of writing as the bears are leading the price function, the AVAX still shows an increase in value by 5.62 percent over the last 24 hours as the price was increasing previously, and the coin also shows an increase of 24.37 percent over the past week. The trading volume increased by 10.56 percent, providing a market dominance of 0.59 percent to the AVAX.
The volatility is high for AVAX. The Bollinger bands are expanded, the upper Bollinger band is at the $21.3 mark representing resistance to the cryptocurrency, and the lower band is at the $14.9 mark representing the strongest support.
As the bearish momentum returned and the selling activity started again, the relative strength index (RSI) also started to fall and has reached index 51, hinting at the selling activity in the market.
Avalanche price analysis: Recent developments and further technical indications
The 4-hour price chart for Avalanche price analysis shows the price breakout was upwards at the start of the trading session, but the price function turned downwards four hours back. The bearish activity has reignited and has been gaining strength for the last four hours as the price has been corrected down to $20.
The moving average (MA) is at the $19.8 mark below the price level as the price continues to fall towards it. The volatility is increasing as the upper Bollinger band has reached the $20.9 mark, the lower Bollinger band is at the $16.6 mark, and the Bollinger bands average is at the $18.8 mark. The RSI is trading at a steep downwards curve at index 64, indicating the selling activity in the market as it falls into the neutral range from the overbought range.
Avalanche price analysis: Conclusion
The Avalanche price analysis suggests a bearish trend is going on. The bears have successfully reversed the bullish trend and have decreased the price level significantly. Selling pressure is expected to continue as the support is still further below, but we expect the AVAX to not fall below the $18 range today. However, crypto trading is not without surprises.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-07-08/