AVAX Avalanche coin price analysis shows that it was bearish today, following losing a lot of its value. The market opened at $21.77, and traded as high as $22.35 before starting to decline. There is support at $20.45, and if it can hold above this level, it may start rising once more. However, if it breaks below this support level, it may drop to 19.50.
There is resistance at $22.35, and if the price manages to break above this level, it might rise to $23.50.
AVAX price has decreased by 6.31% during the past 24 hours, and is currently trading at $20.83. The trading volume in the market reached 486 million dollars, and the market capitalization reached 5.9 billion dollars.
AVAX 24 hour coin price chart: Bearish trend continues
The daily chart of Avalanche price analysis shows that it is in a downtrend since yesterday, as it fell to the lowest level at $20.83 today, and is currently trading, near this level.
Bears are in control of the market, and they are likely to push the market lower in the near term. Bulls will need a strong comeback in order to dominate the market.
The RSI is currently at 33.03, which indicates that the market is oversold. The price may start to rise if the RSI manages to move once more above 50.00.
However, if the RSI drops below 30.00, the price may drop to $18.00.
The MACD indicator is currently floating in the bearish territory, and it is likely to remain in the bearish territory in the near term.
The Bollinger Bands show that the market is oversold, and the market may start to rise if it can move back above the middle Bollinger bands.
4-Hour Avalanche Coin Price Chart: AVAX depreciates
Hourly Avalanche price analysis reveals that it is following a bearish channel pattern since yesterday. It broke below this channel today, and fell to the lowest level at $20.83.
The 4 hour technical indicators are bearish at the moment, as the Bollinger Bands are currently below the middle Bollinger band, which indicates that the price is bearish.
The Moving Average Convergence Divergence (MACD) is below the zero line, indicating that the market is now bearish.
The Relative Strength Index (RSI) is below the 50 level, which indicates that the market is oversold.
To conclude, Avalanche price analysis shows that it is ready to continue its downtrend, as prices sought support at the $20.45 level.
Technical indicators are pointing to the downside, as the currency is struggling to stay afloat.
Investors are advised to hold on to their investments, as it appears that the market is poised for a rebound in the near future.
Source: Cryptopolitan