Avalanche price analysis reveals movement indicating a pronounced downward trend, with the price continuing to decline and potentially reaching new lows. Within the past 48 hours, there has been a substantial decrease in price, with a sharp drop from $17.7 to $17.4 on April 8, 2023, followed by a subsequent uptick in momentum. However, this bearish trajectory has persisted, with the price hitting a low of $17.2 on April 9, 2023, and then modestly rebounding to its current level.
As of today, April 9, 2023, Avalanche’s price stands at $17.32, with a 24-hour trading volume of $165.36M and a market capitalization of $5.65B, representing a market dominance of 0.48%. Over the last 24 hours, the AVAX price has declined by 2.01%. The current price of $17.32 is above the lowest price recorded since its ATH, which was $10.61, and below the highest price since the last cycle low, which was $22.65.
At present, the overall sentiment in the market for Avalanche is bearish, while the Fear & Greed Index indicates a value of 61, indicating a state of greed. The current circulating supply of AVAX is 325.95M out of a maximum supply of 720.00M, with a yearly supply inflation rate of 21.61%, which translates to 57.93M AVAX being created over the last year.
AVAX/USD 1-day analysis: Latest developments
Avalanche price analysis reveals the market for AVAX/USD is experiencing a period of volatility amidst a downward trend, with the prices showing decreasing volatility. As of now, the open price for AVAX stands at $17.38, with a high price of $17.39. Conversely, the low price is recorded at $17.30, indicating a change of -0.23%. The close price for AVAX is presently at $17.34.
The current analysis of the AVAX/USD pair suggests a bearish movement, as the price has crossed under the Moving Average curve. This indicates that bears have been in control of the market for the past few hours and will likely continue their momentum. However, the price is currently showing a decreasing trend and moving toward the support level. This suggests that if the bulls manage to take advantage of this situation, there is a possibility of the trend shifting to a positive one in the near future.
At present, the Relative Strength Index (RSI) for AVAX/USD stands at 50, indicating a somewhat unstable market condition. The RSI has been observed to be on a declining path, moving below the lower neutral region, suggesting a dominant selling activity in the market.
Avalanche price analysis for 7-days
Avalanche price analysis reveals the market volatility of the AVAX/USD pair is following an inclining trend, indicating that the probability of experiencing fluctuations in price is on the rise. The current high price of AVAX stands at $17.39, while the open price is $17.31. On the other hand, the low price of AVAX is currently at $17.27, reflecting a change of 0.16% with a close price of $17.34.
Based on the latest analysis, the AVAX/USD price seems to be undergoing a bearish move, as it appears to be crossing under the Moving Average curve. While the market direction has been negative in the last few days, the bulls’ stance appears to be weakening as the bears take control. However, there are indications that the AVAX/USD price may attempt to cross the support level, potentially leading to a breakout in the market.
Avalanche price analysis shows that the Relative Strength Index (RSI) is currently at 46, suggesting that the cryptocurrency is stable. Additionally, the price seems to be following a linear path and is located in the central-neutral region. The RSI’s linear path indicates that the AVAX’s value is stable, with a movement towards constant dynamics, and equal selling and buying activities.
Avalanche Price Analysis Conclusion
Avalanche price analysis suggests that it is currently experiencing a strong bearish trend, but there is potential for a significant reversal. The bears have taken control of the market, causing a decrease in value and weakening the position of the bulls. However, if the price manages to break out of its current support level, the trend could shift toward the bulls, allowing for a possible market upturn. Overall, the cryptocurrency’s behavior appears volatile and uncertain, with equal buying and selling activities seen in the RSI’s linear path.
Source: https://www.cryptopolitan.com/avalanche-price-analysis-2023-04-09/