AVAX finds suport at $16.50, can the bulls make a comeback? – Cryptopolitan

TL;DR Breakdown

• Avalanche price analysis suggests upwards movement to $17.00
• The closest support level lies at $16.50
• AVAX faces resistance at the $17.15 mark

The Avalanche price analysis shows that the AVAX price action has fallen to the $16.50 price level as the price action continues its bearish movement. However, the price action finds support at the $16.50 that enables the bulls to fight back.

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include ICP and HBAR showing a 5.90 and a 5.15 percent decline, respectively.

Avalanche price analysis: AVAX finds support at $16.50

The MACD is currently bearish as expressed in the red colour of the histogram. Moreover, the indicator shows a steady bearish momentum at the press time as observed in the height of the histogram. However, the lighter shade of the indicator suggests a decreasing bearish momentum as the price finds support at the $16.50 mark.

The EMAs are trading close to the mean position as net price movement over the last ten days remains low. Currently, the EMAs are trading far from each other showing steady bearish momentum at press time. On the other hand, the converging EMAs suggest a slowly decreasing bearish momentum.

The RSI has been trading in the neutral region for the past seven days as the price action traded around the $17.00 mark. At press time, the indicator trades near the oversold region at the 34.38 index level as the price suggests bearish momentum with the upwards slope suggesting a decreasing bearish pressure at the current price level.

The Bollinger Bands are currently narrow as the price action observes little to no volatility across the short-term charts. Furthermore, as the price stabilizes above the $16.50 mark, the bands will show further convergence. At press time, the bands’ lower limit provides support at the $16.40 mark while the upper limit presents a resistance level at the $17.88 mark.

Technical analyses for AVAX/USDT

Overall, the 4-hour Avalanche price analysis issues a sell signal at press time with 14 indicators supporting the bulls. On the other hand, only three of the indicators support the bulls showing a low bullish presence. At the same time, nine indicators sit on the fence and support neither side of the market. 

The 24-hour Avalanche price analysis shares this sentiment and also issues a sell signal with 15 indicators supporting the bears against only one supporting the bulls. The analysis shows bearish dominance across the mid-term charts with a strong bullish presence at the current price level. Meanwhile, the remaining ten indicators remain neutral and do not issue any signals at press time.

What to expect from Avalanche price analysis?

The Avalanche price analysis shows that the Avalanche market is currently in a bearish rally as the price action observed a breakdown from the $21.50 mark to the $16.50 price level. However, the bulls made some recovery and the price has risen back to the $16.60 mark. 

Traders should expect AVAX to observe sideways movement at the current price level before the price action continues its downward motion. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bullish and bearish trends respectively. Currently, the price can be expected to move to $17.00 before finding a strong resistance level.