Avalanche price analysis: AVAX price descend below $21.46 as bears hold strong
Avalanche price analysis shows that the cryptocurrency is under bearish pressure today. The AVAX/USD pair has dropped below the $21.46 level and is currently trading at $19.93. The support for the cryptocurrency is present at $19.65 and any further drop below this level might lead to a sell-off in the near term. However, the bulls need to break above the $21.60 resistance level to push the price higher.
AVAX/USD 1-day price chart: Avalanche price lowers to the $20.06 mark
The one-day Avalanche price analysis chart is showing signs of further loss after the bears took over the market earlier this day. The past two days have also brought negative news for the bears, and the trend has been unchanging for today as well. The price has moved down to the $20.06 level after the bears continue their lead today. The momentum is building up at a rather slow pace now, and the price continues to trade below the moving average (MA) value at $19.70.
The Bollinger bands are tightly packed, indicating low volatility in the market. The upper Bollinger bands are at $21.91, the lower bands are at $17.04, and the mid-band is at $19.47. The RSI indicator is also close to the oversold region which suggests that a short-term bounce can appear soon as buyers might enter the market for relief trading opportunities.
Avalanche price analysis 4-hour price analysis chart: Selling pressure continues
The latest Avalanche price analysis shows that the price has been going downward for the last four hours as well. The trending line has been towards the bearish side for the past week, and it is still moving in the same direction. The loss has been huge as the AVAX/USD price is now at the $20.06 position, which is quite near to the support level as the downtrend has been of quite an impact.
The moving average is trading at $20.54 below the SMA 50 level, which is also a bearish indication. The Bollinger Bands Indicator is at an average of $20.50, whereas its upper value has gone to $21.55 and its lower value to $19.44. The RSI is on the lower side as the indicator is trading at index 47.08 and may enter the undersold region if selling pressure continues.
Avalanche price analysis conclusion
Overall, the Avalanche price analysis suggests that the bears are currently creating an upward trend. Moreover, it is essential to watch out for a rebound in the near term as buying pressure may increase soon and take AVAX/USD above its support level of $19.65. We expect the price of AVAX to remain bearish for the short term, but an upswing might be seen in the near term.
