The Avalanche price analysis right now is negative. Bulls succeeded in extending the positive trend yesterday by trying to enhance the coin’s value, but the price increase was modest. However, their backing stopped the price from falling, and it concluded the day close to its prior price cap. However, because of the prior selling pressure, the price today dropped to the $21.13 level. Due to intense selling pressure above the current price level, the bulls were unable to penetrate the $22 zone.
AVAX/USD 1-day price chart: Strong selling pressure exists above current price level
The 24 hour Avalanche price analysis shows a decline in price today following bullish efforts yesterday. After hitting resistance near $21.86 at the beginning of the day, AVAX has been falling ever since. The coin saw some significant falls and other bullish days over the past week, but today the coin lost 0.34 percent of its value, compared to a gain of approximately 1.26 percent over the previous seven days. Additionally, the market capitalization has plummeted by 0.41 percent and the trading volume has decreased by 45 percent.
The lower band is located at the $14.92 level and represents cryptocurrency’s support, while the upper band is present at the $22.60 level and represents AVAX’s resistance. The Bollinger bands have a narrower covering area. The Bollinger bands’ mean value is at a price of $18.77. The moving average (MA) is at a level of $21.13 above the price level and the SMA 50 curve. The relative strength index (RSI) at index 58 has a negative slope, indicating that there is selling pressure even if the RSI is still hovering close to the overbought region.
Avalanche price analysis: Recent developments and further technical indications
Bears have been in charge of the market all day long without any assistance from buyers, according to the 4-hour Avalanche price analysis, as red candlesticks have been regularly forming, indicating additional price declines. In recent hours, the price levels have also fallen further as bears take advantage of any opportunity
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The Bollinger bands’ widening indicates that the volatility is higher than average. The lower band of the Bollinger bands is at $18.96, and the top band is at $22.92. Bollinger bands are now producing an average at $20.94.
The moving average is heading downward and close to the price level on hourly charts, signalling a negative action. Although it is still in the higher neutral range, the relative strength index (RSI) has also bowed lower and is now sitting at index 53.
Avalanche price analysis conclusion
Given that the price is generally falling, the cryptocurrency is displaying negative indicators in the 1-day and 4-hour Avalanche price analysis. With the price currently at $21.14, we expect it to continue to decline for the remainder of the day, although slowly.
Source: https://www.cryptopolitan.com/avalanche-price-analysis-2023-02-04/