Cryptocurrency prices heat map, Source: Coin360
Avalanche price analysis shows that the bear market is still in control as prices have fallen below the $15.00 mark. This is a significant decline, and it seems that the market is still not ready to turn around. The next level of support is present at $13.5, and if this fails to hold, we could see further declines in the days ahead. However, if prices manage to hold above this level, we could see a move higher in the short term.
The Avalanche price has been on a continuous decline for the last one month, with prices making lower lows in the last few days. Prices have now broken below the $15.00 mark, and this has opened up the possibility for further declines in the days ahead. The next level of support is present at $13.5, and if this fails to hold, we could see AVAX prices decline to the $11.00 level.
Avalanche price movement in the last 24 hours: AVAX prices could decline further
Avalanche price analysis shows the prices opened the trading session trading at a high of $17.02. However, prices soon start to decline and the bears took control of the market. The price reached a low of $14.72 before closing the trading session at $15.03. This is a loss of 11.22 percent for the day. The volume traded in the last 24 hours was $$656,912,996.87, while the market cap for AVAX is currently at $10.9 billion. The token is currently ranked in position 17 with a market dominance of 0.48 percent.
Technical indicators for AVAX/USDT 1-day chart by Tradingview
The price is trading just below the previous support line which represents the finnobacci retracement of 1.272. If this level is breached, we could see a move to the next support at $11.00.
The Relative Strength Index (RSI) on the daily chart is currently at 35 and is indicating that prices are oversold in the market. However, the Stochastic RSI is currently in bearish territory and is indicating that prices could continue to decline in the short term.
The MACD on the daily chart is also in bearish territory and is indicating that the bearish trend is still in control of the market. The bears still have the upper hand as the MACD line will be moving below the signal line in the next few days. The Parabolic SAR is currently above the price and is indicating a bearish market trend as the volatility in the market decreases.
Avalanche price action on a 4-hours chart: Declining market trend
Avalanche price analysis shows in the last 4-hours AVAX prices have made a significant change in price as they break below the $15.00 level. Prices have now found some support at $13.5, but if this fails to hold, we could see prices decline to the $11.22 level in the days ahead.
The 4-hour chart is indicating that the market is in a bearish trend as the price is trading below the 200 moving average (MA) and the 50 MA. The MACD on the 4-hour chart is currently in the bearish territory as the MACD line is trading below the signal line. The RSI on the 4-hour chart is currently at 34 and is indicating that prices are oversold in the market.
Technical indicators for AVAX/USD 4-hour chart by Tradingview
The technical indicators are showing a declining market trend, with the Parabolic SAR currently above the price, and is indicating that prices could continue to decline in the days ahead.
Avalanche price analysis conclusion
Avalanche price analysis shows the market is headed downwards and could target the $11.22 level if prices continue to decline. The bearishness in the market may be attributed to the general bloodbath that has been witnessed in the cryptocurrency market over the last few days. The technical indicators are currently showing a bearish trend, and if this continues, we could see prices decline to the $11.22 level in the near future.
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