AVAX starts to lose value at $16.10 – Cryptopolitan

Avalanche price analysis shows a bearish trend for the cryptocurrency, as the bears have been on the winning edge for the last 24 hours. The bear controls the market as the price declines to $16.10, and a further decrease in coin value can be expected if the bears remain consistent. The price of Avalanche has support around $16.02, and if this support level is broken, it could go as low as $16.The AVAX/USD pair encounters resistance at the $16.70 level. If this level is broken, the price can increase to $16.75.Cryptocurrency has decreased by 2.65% in the last 24 hours, and a trading volume of $161 million can be seen. The market cap for Avalanche is presently at $5.2 billion.

Avalanche price analysis 1-day chart

The 4-hour Avalanche price analysis shows a fall in price since the beginning of today. A downward trend is also formed as prices are currently trading around $16.10. Market volatility is on the rise, which is a relatively negative indication of upcoming market trends. The upper Bollinger band value is now $ 21.4604, whereas the lower Bollinger band value is at $15.1460.

Moving on toward the moving average (MA) value, which is $16.839 for a one-day price chart, A crossover between the SMA 20 curve and the SMA 50 curve was reported earlier, but now it seems that the trends are shifting toward the sellers. The relative strength index (RSI) for AVAX/USD is currently at 43.58 below the 50 level and is heading toward oversold levels, which is a sign that the market is in a bearish signal.

AVAX/USD 4-hour price chart: Avalanche Aprice is facing resistance at $16.70

The 4-hour Avalanche price analysis shows a fall in price since the beginning of today. A downward trend is also formed as prices are currently trading around $16.10.The AVAX/USD pair is trading close to the lower boundary of the descending channel as the bears continue to rule the market.The relative strength index (RSI) indicator is currently bearish, trading below the price level at 50 levels and heading toward oversold levels

The moving average (MA) value is presently at $16.182, which is relatively close to the Avalanche’s current value of $16.10. The 20 SMA is currently at $16.281, whereas the 50 SMA is at $16.332.The market volatility is increasing as the Bollinger bands are stretching outward, indicating negative momentum. The upper Bollinger band shows a $16.6655 reading, and the lower band shows a $`15.89700 mark.

Avalanche price analysis conclusion

The following one-day and four-hour Avalanche price analysis is indicating a decrease in the price today, as the circumstances have proved unfavorable for cryptocurrency. The bears are struggling to maintain high momentum and have succeeded in causing a decline in the price to the $16.10 range. Yet, as the bullish momentum in the past week has been seen to be reviving, it can be expected that it might bounce back to take the price above the $16.70 resistance.