AVAX rejected at $18.50, moves downwards instead – Cryptopolitan

TL;DR Breakdown

• Avalanche price analysis suggests downwards movement across the short-term charts
• The closest support level lies at $17.75
• AVAX faces resistance at the $18.50 mark

The Avalanche price analysis shows that the AVAX price action failed to break through the $18.50 mark and has returned to the $18.22 mark as the bearish pressure escalated. 

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 SOL and BNB showing a 12.84 and a 3.57 percent incline, respectively.

Avalanche price analysis: AVAX rejected at $18.50

The MACD is currently bullish as expressed in the green colour of the histogram. Moreover, the indicator’s tall height suggests strong bullish momentum in recent hours. On the other hand, the MACD’s light shade suggests a declining bullish momentum as the price action deals with the rejection at the $18.50 mark. 

The EMAs are trading very high from the mean position as net price movement over the last ten days remains positive. Currently, the EMAs are trading far from each other showing high bullish momentum at press time. On the other hand, the converging EMAs suggest a slowly declining bullish momentum.

The RSI briefly rose to the overbought region but dipped back into the neutral region as the price action failed to climb past the $18.50 mark. At press time, the indicator trades near the mean level at 63.65 index level as the price suggests high bullish momentum but with increasing bearish pressure at the current price level. 

The Bollinger Bands are currently wide as the price action observes high volatility across the short-term charts. However, with AVAX moving back to the indicator’s mean line, the bands will start to converge. Currently, the bands’ mean line provides support at $17.75 while the upper limit acts as a resistance at the $18.50 mark. 

Technical analyses for AVAX/USDT

Overall, the 4-hour Avalanche price analysis issues a buy signal at press time with 14 indicators supporting the bulls. On the other hand, only one of the indicators supports the bears showing little to no bearish presence. At the same time, ten 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 buy signal with 14 indicators supporting the bulls against only two supporting the bears. The analysis shows bullish dominance across the mid-term charts with a low bearish 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 rose from the $14.00 mark to the current $18.50 mark over the last thirty days. At press time, AVAX faces strong resistance from the bears but the bullish activity is still holding strong for the asset. 

Traders should expect AVAX to observe downward movement at the current price level before the price action moves back upwards. The suggestion is reinforced by the drift between the short and medium-term charts that suggest bearish and bullish trends respectively. Currently, price can be expected to drop to the $17.75 mark before bouncing back towards the $19.00 mark.