AVAX/USD bearish as price slips to $17.05

Avalanche price analysis shows that the trend is still bearish as the price experiences a downfall to $17.05. Avalanche was previously trading at around $17.52 but has now sought support at around $17.01. The main resistance level for AVAX/USD is still at $17.52. However, a break above this level could see AVAX/USD target the $18 mark. On the downside, support for AVAX/USD is present at 17.01, and a break below this level could see the pair target the $16:50 mark.

Avalanche may experience some selling pressure around these levels, but if it can hold above $17.52, it may start to see some buying interest come in. The digital asset has a market capitalization of $5.02 billion and is currently the 16th-largest cryptocurrency by market value. AVAX/USD is down by 3.01% on the day and is trading at $17.05 at press time. The daily trading volume for AVAX/USD has been relatively low at around $176 million.

AVAX/USD 1-day price chart: Bears mount pressure as sell-off gathers pace

The daily price chart for the Avalanche price analysis confirms a strong bearish trend for the market today, as the price covered a downward movement in the past 24 hours. The current market conditions for AVAX/USD seem to be bearish in the short term, but a breakout from the current consolidation range could see the market move towards the $18.00 level soon.

The RSI for the AVAX/USD pair is currently at 41.33, and this indicates that the market is in a slight bearish momentum, and a breakout above the $17.52 resistance could lead to a rally in the prices. The Moving Average Convergence Divergence (MACD) for the pair is currently in bearish territory and is indicating that the market is in a downtrend. The upper and lower bands of the Bollinger Bands are also close to each other, which suggests that the market is in a consolidation phase. The Upper Bollinger Band is currently $17.52, while the lower Bollinger band is $17.01.

AVAX/USD 4-hour price chart: Price action is expected to remain bearish

The 4-hour price chart for Avalanche price analysis shows that the market has been in a bearish trend for the last 4-hour. The market had attempted to make a move towards $18.00 but was quickly rejected around the $17.52 level. The market is currently in a state of consolidation, and a breakout from the current range could see the market make a move towards either $18.00 or $18.50 in the near future.

The Bollinger bands indicators on the 4-hour chart for AVAX/USD are currently in a bearish mode and are indicating that the market is in a downtrend. The RSI for the pair is currently at 54.04, and it is heading towards the oversold levels, which suggests that the market is bearish in the short term. The MACD for the pair is also in a bearish territory as it is moving below the signal line.

Avalanche price analysis conclusion

Avalanche price analysis confirms that the price has undergone a severe decline during the day. The AVAX/USD price is now touching the $17.01 mark, which is the lowest, and it can be expected that it will move down to further lows in the approaching hours. However, the price has reached the support zone, and there are chances that the price may bounce back from here if buyers’ support comes into play.

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