Avalanche price analysis: AVAX price is down by 4.04 percent as more selling pressure mounts
Avalanche price analysis for 24th February 2023 shows bearish pressure as the price continues to slip lower. The cryptocurrency is trading at $19.50, down by around four percent from yesterday’s high of $20.47. Selling pressure has been growing since the start of last week and today it appears to be getting worse for AVAX holders as more selling pressure mounts and support levels continue to weaken.
However, the support level at $19.48 is still strong and could potentially prevent further price drops in the short term. In addition, Avalanche’s 24-hour trading volume has also decreased, which could be another sign that the overall sentiment for the cryptocurrency is bearish. As of now, it seems likely that the price will remain at this level or even fall further if more selling pressure continues to mount.
AVAX/USD 1-day price chart: Avalanche takes a brief stop at $19.50 before heading high
The one-day Avalanche price analysis is showing signs of bearish momentum as the price has been lowered to $19.50. The Avalanche was trading at a high of $20.47, however, it has since been decreasing and is now on a downward trajectory. The bulls need to hold the $19.48 support level if they want to see a rebound in prices, otherwise, more selling pressure could cause further losses for AVAX holders.
The moving average (MA) value is still quite low at $19.86 because of the sudden decrease in price during the day. The MACD indicator is in negative territory and could remain in this range if the price continues to drop. The relative indicator (RSI) is also bearish and could remain in this range for the coming days if more selling pressure continues.
Avalanche price analysis: AVAX is still bearish and could remain at this level in the short term
The 4-hour price chart for Avalanche price analysis shows bearish momentum is again stepping in as the price has been constantly on the loss for the past few hours. The price has now reached the $19.50 level and is currently trading around that level. The bulls need to make a stand and target the $20.47 resistance level if they want to see any sort of recovery in the coming days.
The moving average (MA) value is currently at $19.90 and could remain in this range if the price continues to decline. The MACD indicator is also bearish as the red line is above the blue line, Additionally, the histogram is red which is a sign of bearishness in the market. The relative indicator (RSI) is also bearish at the 41.24 level which is an oversold condition.
Avalanche price analysis conclusion
To sum up, The Avalanche price analysis is showing signs of bearish activity as the price decreased up to $19.50 during the day. The bulls have been ruling the price charts for the past few days and it is expected that they will make room for recovery, as the bearish hindrance of today is not strong enough, but an indication of some selling pressure at this particular time. If the support remains stable at $19.48, the price will continue to heighten in the future.
