Avalanche price analysis for today shows a bearish trend. The value has now dipped below the $16.5 level and is currently trading at $16.39. This downward trend will likely continue in the near term as the market remains bearish. The strong support for AVAX/USD is currently at $15.82, which has been broken, and the pair is now vulnerable to further losses. The AVAX price has been in a downtrend over the last 24 hours. The cryptocurrency has lost over 1.05% of its value in the last 24 hours. The 24-hour trading volume for AVAX/USD is currently at $131 million, and the market cap is at $5.3 billion.
Avalanche price analysis 1-day chart: Bearish wave continues as price further downgrades to $16.39
Looking at the 24-hour chart, the AVAX/USD is trading at $16.39, down 1.05% over the last 24 hours. The pair is now stuck in a bearish pattern, and it could dip further if the market sentiment remains pessimistic. Bears could continue to dominate the market if prices dip below this level. Moreover, a break of $15.82 support could see AVAX/USD testing its next major support at the $15.80 level in the coming days.
The relative strength index (RSI) is currently at 46.91, indicating that the pair is in bearish momentum and could see further downside pressure. Investors should exercise caution before entering into any long positions. Furthermore, the MACD shows a bearish trend as well, with the MACD line below the signal line. This indicates that prices could continue to go lower in the near term. The 50-day moving average (MA) and 200-day MA are both trending downward, suggesting that the bearish trend could continue in the coming days.
AVAX/USD 4-hour price chart: Bears take control as AVAX prices breach key support at $15.82
The hourly Avalanche price analysis indicates that the AVAX/USD has formed a bearish engulfing candlestick pattern, which is a bearish trend reversal pattern. The market followed the bearish trend for the past week, and the bearish momentum also intensified on the hourly chart. The price is currently trading below the 20-day moving average (MA) and could test the next support level at $15.82 if bears remain in control. Moreover, traders should exercise caution before entering a long position as prices are vulnerable to further losses.
Looking at the technical chart, all indicators are bearish, signaling more downside in prices. The Relative Strength Index (RSI) is also moving lower, indicating a strong downtrend in prices. Furthermore, the Moving Average Convergence Divergence (MACD) line has crossed below the signal line, suggesting that the bearish momentum could continue in the near term.
Avalanche price analysis
In conclusion, Avalanche’s price analysis shows that the AVAX/USD pair is in a bearish trend as prices decline below the $16.39 level. Prices have recently found support at the $15.82 level as buyers step in to defend this key level. The market is high in volatility, and traders should exercise caution before entering a long position. There is a strong possibility that the bearish trend could continue in the near term if there is no major news to reverse this trend.
Source: https://www.cryptopolitan.com/avalanche-price-analysis-2023-03-05/