AVAX tumbles to $17.91 as bears take charge – Cryptopolitan

The Avalanche price analysis is indicating a drop in price today, as the price has lowered to its former level at $17.91 and has failed to break the resistance level of $18.31. Bears have taken charge as AVAX/USD was unable to move higher amid a lack of bullish momentum.

The past few hours have been crucial for cryptocurrency as the bears have been pushing the prices further down and preventing the bulls from taking over. The bearish pressure has created a scenario of lower lows and lower highs, suggesting that AVAX/USD is likely to remain price-pressured in the near term. The resistance level for AVAX is seen at $17.70, which is the price zone where the bulls could have some strength to push the prices up.

AVAX/USD 1-day price chart: Bulls get rejected as recent setback promotes bearish momentum

The 1-day Avalanche price analysis is showing a considerable decline in the price today, as it has undergone a sharp drop. The price has been downgraded to a great level as it is now resting at $17.91 in the 1-day price chart, with a decrease of over 1.42 per cent. The bears are in complete control, and if bearish persists, we could see AVAX price dropping even further than $17.70 in the near term.

The past week has been highly supportive for the buyers, which resulted in a continuous bullish trend line. Yet, today’s trend has been quite the opposite, as the moving average (MA) is also standing above the current price of $17.57. The Bollinger bands on the 1-day chart also suggest that the bears have taken control, as these bands are widely spread apart. The upper Bollinger band is standing at $18.13, while the lower one is standing near $16.39, suggesting that AVAX/USD could remain range-bound in the coming hours. The RSI indicator is showing bearishness in the market, as it has fallen above the 50 level to a current value of 55.95.

Avalanche price analysis: Sellers persistent on maintaining a bearish pattern

The 4-hours Avalanche price analysis is dictating that a further decline in the price is to follow after a recent bullish attempt to do otherwise. The bears have caused the price levels to fall below the $18.00 mark, thereby securing their grip over the market. The sellers are looking to stay in control, as the moving average (MA) is now above the current price of $17.95 and is likely to remain this way for a while longer.

The 50-day MA and 200-day MA are now below the current price, suggesting that the bears still have some power. The RSI indicator is also residing in the bearish territory at 58.97, showing that sellers are dominating over buyers. The 4-hour Bollinger Bands are tightly packed together, showing a presence of equilibrium in the market. The upper Bollinger band is standing at $18.35, while the lower one is standing close to $16.90.

Avalanche price analysis conclusion

From the Avalanche price analysis, it is clear that the bears have taken control of AVAX/USD, as the recent decline in price has caused a bearish trend to form. The resistance level for AVAX is seen at $18.31, and if bulls can break this level, then we could see an upsurge in the price. On the other hand, if bears are able to maintain their current trend then we could see AVAX/USD dropping below $17.70 in the near term. The 4-hour and 1-day technical indicators suggest that the bears still have some strength and thus, sellers should be cautious when trading AVAX/USD.