Avalanche price analysis: With increasing selling pressure, bulls find it challenging to hold the $17 level
According to avalanche price analysis, the AVAX/USD market experienced a bullish takeover last week. On the chart, green candlesticks and some declines brought on by the bearish strategy were visible. Although the price level rose to $17.78 today, there is now more selling pressure, and the price is once again falling. Although the losses have been under control thus far, if the selling pressure increases, the trend could totally shift to the downside.
AVAX/USD 1-day price chart: Upward price movement is temporarily hampered by a bearish shock
The one-day Avalanche price analysis predicts a price rise following the high spike seen at the conclusion of the previous trading session, which was also the price at the beginning of the current trading session. The market is currently experiencing a bearish upset, though, as the green candlestick’s size is shrinking, suggesting that bears might seize control again. Nevertheless, since the price is$17.78 and the coin has increased in value by 8.45 percent over the past 24 hours and 24.48 percent over the past week, the small green candlestick still indicates an increase in value, which is good news for buyers.
The noted high level of volatility is encouraging for prospective buyers. The higher value of the Bollinger band for AVAX is $18.51, representing resistance, and the lower value is $14.29, indicating support. The moving average (MA) for the one-day AVAX/USD indicator is $16.28, and the average Bollinger band value is $16.40 above the MA level. The Relative Strength Index (RSI) graph indicates almost horizontal movement with a value of index 54, hinting at the resistance from the bearish side.
Avalanche price analysis: Recent developments and further technical indications
According to the 4-hour candlestick chart showing Avalanche price analysis, the cryptocurrency buyers are still at a gain. But the said profit is decreasing at the moment and may turn negative in the coming hours if selling pressure exceeds. The last few hours have been critical for cryptocurrency as selling pressure has returned, and prices have dropped to the current level of $17.78 from a peak of $18.23.
The moving average (MA) has been $16.90 higher than the market price of AVAX as of late. The upper Bollinger band has hit $18, the lower band is at $14.97, and the trend line is moving upward. Hourly volatility is continuing to rise. After reaching the edge of the overbought region, the RSI began to decline; it is currently at 65, which is still higher than average, but the indicator’s downward curve indicates selling activity in the market.
Avalanche price analysis: Conclusion
According to the avalanche price analysis, the cryptocurrency price has increased to $17.78 today. If the bullish trend that gained traction yesterday persists in the near term, there is a strong likelihood that the bulls will push the price above the $18.45 resistance. However, if selling pressure persists, the price might return to the $16 range.
