AVAX is bearish for the next 24 hours

TL; DR breakdown

  • The avalanche price analysis is bearish today.
  • AVAX is currently trading at $ 101.
  • AVAX encounters resistance at the $ 110 mark

Avalanche price analysis confirms that after failing to hit the $ 110 mark, buyers failed to reach a support level above $ 100, and easing selling pressure caused AVAX to drop to $ 100. AVAX then saw a mini-rally that suggested an upward move was possible but failed at the $ 110 mark. The lack of buying interest resulted in a dip below $ 100 and AVAX is now trading around the $ 98.21 level where it is facing resistance from sellers prior to retreating. While it is difficult to determine what will happen next without further information, our analysis suggests that further declines are likely in the short term.

Avalanche price analysis: AVAX rejected at $ 109

However, provided that all moving averages are met, there is likely to be some consolidation before long-term growth resumes. However, it is difficult to predict what will happen next without further market sentiment or news events. If the sell-off continues lower, resistance at $ 95 can be tested in the event of a decline towards the primary support line which converges with the 200 SMA near this level.

Due to the lack of trading volume after breaking below $ 100, this suggests that neither traders are willing to buy or sell AVAX at this price level. Additionally, the Bollinger Bands are still moving up, suggesting that volatility in AVAX could increase in the coming hours. The MACD indicator remains in positive territory, but its continued movement towards zero requires more information on whether or not the downward momentum will contribute to further devaluation of the avalanche coin price in the short term. AVAX is trading in a bullish trend in the medium-term charts. It has made higher highs and is now approaching an EMA crossover. The 12-EMA is currently moving down, converging with the 26-EMA and gradually bending to reflect recent price action.

The Bollinger Bands are wide right now, but they appear to be converging as price action swings below the $ 110 margin. Since AVAX is trading above the center line of the indicator, the bands will likely converge upwards. While the indicator points to a decline in AVAX price volatility, a breakout to the downside would indicate a decline to the USD 98.21 support level.

AVAX 4-Hour Price Analysis: What to Expect from Avalanche Price Analysis?

4-hour price chart from Tradingview

The Avalanche chart shows that the bulls will not reach the price level of USD 110. Additionally, due to the strong upward move, AVAX was unable to maintain a presence above $ 100 and fell back below the key support level. The negative force remains as the $ 100 resistance appears shaky.

Traders should expect the price to drop to $ 98.21 as support before bouncing back above $ 100. The bulls need to regain momentum and support above $ 100 before price can test the $ 110 level again. As a result, AVAX is likely to consolidate around the $ 105 mark soon.

Avalanche price analysis suggests that if the bulls fail to defend the $ 100, there may be another downward move. That has become more likely given the lack of buying pressure that sparked the fall below the $ 100 support. The RSI is also showing weakening bullish momentum, making it easier for sellers to overwhelm buyers should they attempt to establish a position above the 100 level again. Additionally, AVAX faces resistance at the $ 110 mark. Traders should assume that an increase towards this level would not be sustainable unless it is supported by an increase in trading volume.

Avalanche price analysis: conclusion

The avalanche coin did not hold a position above the $ 100 mark and consequently lost value. This was expected after the price entered the overbought area in the hours leading up to the wee hours of Thursday morning. There doesn’t seem to be any significant resistance at this level of support right now, but should traders expect a rebound to $ 105 before further depreciation occurs? Only time can tell.

Disclaimer of liability. The information provided does not constitute trading advice. Cryptopolitan.com assumes no liability for investments made on the basis of the information provided on this page. We strongly recommend independent research and / or the advice of a qualified professional before making any investment decisions.

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