AVAX declines to $14.9 after bearish momentum – Cryptopolitan

Avalanche price analysis reveals that there is a notable downward trend indicating that the price may continue to decline, and possibly reach new lows. Over the past 48-hour period, there has been a notable decline in price, characterized by a sudden decrease from $15.8 to $14.6 on May 11, 2023, followed by a subsequent upward movement in momentum. However, this recovery proved temporary as the overall bearish trend continued, resulting in the price reaching a nadir of $14.9 on May 12, 2023.

As of today, the price of Avalanche (AVAX) stands at $15.00, accompanied by a 24-hour trading volume of $327.17 million. The market capitalization of Avalanche is valued at $4.95 billion, while its market dominance accounts for 0.45%. Over the past 24 hours, the AVAX price has experienced a decrease of -1.92%.

The current sentiment regarding Avalanche’s price prediction is bullish, indicating optimism among market participants. The Fear & Greed Index, a measure of market sentiment, currently stands at 49, reflecting a neutral stance.

In terms of circulating supply, Avalanche has 330.02 million AVAX tokens out of a maximum supply of 720.00 million AVAX tokens. The yearly supply inflation rate currently stands at 22.72%, resulting in the creation of 61.09 million AVAX tokens in the past year. In the cryptocurrency sector, Avalanche is ranked #7 among Proof-of-Stake Coins, #1 in the Avalanche Network sector, and #11 in the Layer 1 sector.

AVAX/USD 1-day analysis: Latest developments

Avalanche price analysis indicates that the AVAX/USD pair is presently in a state of instability marked by a bearish trend and decreasing levels of volatility. The AVAX opened at $14.90, with the highest price point of $15.02, while the lowest price recorded was $14.89, indicating a minor shift of -0.33%. As of the latest update, the closing price for AVAX is reported at $15.00.

An examination of Avalanche’s price dynamics reveals a predominant descending trajectory, marked by the price descending beneath the Moving Average curve. Recent market activities further underscore the prominence of bearish influences, which are anticipated to persistently impact the market in the short run. Nevertheless, it is noteworthy that the price currently exhibits a diminishing pattern and is converging toward a support level. This conveys the possibility of a favorable shift in the trend if bullish market participants are able to capitalize on this situation.

Based on the analysis, the AVAX/USD pair on Avalanche shows an RSI (Relative Strength Index) reading of 33, indicating a highly volatile market condition. The RSI trend has followed a linear pattern and has dropped below the lower neutral zone. This signifies that selling activity in the market is currently on par with buying activity.

Avalanche price analysis for 7-days

Based on the Avalanche price analysis, the current market volatility is displaying a downward trend, which indicates a lower probability of price fluctuations. The high price of AVAX at present is $15.02, whereas the open price is $14.74. However, the current low price of AVAX stands at $14.70, indicating a decrease of 1.80%, with the close price being reported at $15.01.

Based on the most recent analysis of Avalanche’s price, the AVAX/USD pair is currently undergoing a bearish trend, as evidenced by the price crossing below the Moving Average curve. Despite a prevailing negative market sentiment in recent days, there is a noticeable decline in bullish momentum, accompanied by an increase in bearish activity. However, there are indications suggesting that the AVAX/USD price might endeavor to surpass the support level, potentially triggering a market breakout.

Avalanche price analysis reveals that AVAX price suggests that it is currently stable, with an RSI reading of 42, indicating dominant selling activities. The RSI’s downward path indicates that the AVAX/USD pair is showing instability. The cryptocurrency is currently located in the central-neutral region, suggesting a declining price path.

Avalanche Price Analysis Conclusion

Avalanche price analysis shows a significant bearish movement, but there is potential for a future reversal. The current market is influenced by bearish forces, causing a decline in value and disadvantageous conditions for buyers. However, breaching the current support level may trigger a reversal, favoring buyers and leading to a potential market recovery. It is crucial to consider the cryptocurrency’s volatility and unpredictability. The stable RSI indicates a balance between buying and selling activities, evident from its linear path.