AVAX Price Level Shows a Bearish Momentum After the Market Crash
- The AVAX/USD is standing at $16.98, that’s a drop of 3.47% in the last 24 hours.
- If bearish persists, it could move Avax’s price lower around the support level of $16.43.
The latest Avalanche price analysis reveals that the AVAX price is facing a significant amount of bearish pressure in today’s market. The bearish pressure is pushing Avax’s price below the $17.00 level after strong selling pressure from the market. The AVAX/USD pair is currently hovering around the $16.98 level, which is a drop of 3.47% in the last 24 hours.
This bearish pressure may cause the price to break through the support level of $16.43, increasing its downside potential even further in the coming days ahead, and if the bearish momentum persists, the AVAX price could test even lower levels shortly. The bulls need to act fast to push the AVAX price above the resistance level of $17.58 in order to restore the bullish sentiment in the market and prevent further downside price action.
The daily chart for the AVAX price shows that it has been in a sideways trading zone between $16.43 and $17.58 for some time now, but the recent bearish pressure has pushed the coin back down to its support level of $16.43. The market capitalization of AVAX is currently at $5.51 billion, which is low compared to the previous figures. The 24-trading volume for AVAX is also on the decline and currently stands at around $210 billion, with a loss of 7.27% in the last 24 hours.
The AVAX/USD is currently trading below both its 50-day and 200-day moving averages, which indicates that the bearish sentiment is still strong and may lead to further downside. The moving average is currently at $16.79, which is below the current AVAX price level. The MACD has also turned negative with histogram bars in the bearish zone. The RSI indicator is in the neutral zone at the 49.92 level and may move further into the bearish zone if the AVAX price continues to drop.
The 4-hour price chart for AVAX shows that the bearish momentum is still strong and may lead to further downside. The market opened today’s trading section in the bearish territory at $17.00 and has since then dropped to a low of $16.98 with no bullish reversal in sight. The bearish pattern is likely to persist as the AVAX price continues to move in the downward direction.
The hour technical indicator is also in the bearish zone, with the RSI indicator below the 50 level. The RSI is currently at 48.87 and may move to the oversold zone if the bearish sentiment continues. The histograms are red in color, with the signal line moving below the MACD line, which indicates that bearish momentum may persist in the coming hours. The moving average at $17.02 is also above the current price level, which supports the bearish outlook for AVAX in today’s market.
To conclude, Avalanche price analysis shows that the coin has been facing a bearish trend over the past few hours, pushing its price lower below $17.00 despite a period of stability. The bearish pressure is currently strong and may lead to further downside if the AVAX price fails to break above the resistance level of $17.58 soon. The technical indicators are in favor of bears and show that bearish momentum may persist in the coming hours.
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