AVALANCHE price analysis: AVAX token price is losing upward momentum

  • AVAX token price trends are lower in the short-term falling channel just to form a flag and pole price pattern.
  • AVAX mainly trades the crucial Daily EMAs.
  • The AVAX / BTC is trading at 0.001063 BTC and faces an intraday gain of + 3.84%.

The AVAX token price moves briefly downwards within a falling channel and forms a flag and pole price pattern in the technical 24-hour chart. However, the recent rejection of higher prices in the price action suggests a decline in bullish momentum.

The crypto asset is trading significantly higher than all the key EMAs and rising with a positive slope in a bullish direction. Additionally, the volume (986K) is below the 20 week MA (1.06M), which predicts a slow increase in selling pressure.

Currently, the AVAX token price is trading at $ 47.01, with market capital increasing + 11.08% in the past 24 hours, suggesting an increase in the underlying bull market.

AVAX’s intraday trading volume is up 112%, which is a boom among AVAX buyers.

AVAX token price is moving down one channel

The AVAX token price is trending down in lower lows in the falling channel according to the 4-hour chart. The steep angled support trendline is causing the bulls to go down the channel while the descending trendline is pushing the bulls back down. Increased purchase volumes support the recent price hike, but unfortunately it fails to break above the resistance trendline.

Significant support for a downward move can be found in the rising 20/50/100/200 EMAs on the 4-hour chart. However, the token price is above 20 EMA, indicating an upward trend.

The RSI denotes a rise in the underlying bull when its slope rises higher towards the overbought area.

As the ADX line continues to climb, this is a sign of a growing trend.

diploma: The AVAX token price has seen a remarkable surge after the huge demand discovered after the round bottom pattern erupted. Investors can find dips in the 20-period EMA as an entry point before buying volume begins to shrink.

Support- $ 42 and $ 38

Resistance- $ 55 and $ 64

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