TL;DR Breakdown
- Avalanche price analysis suggests a downwards movement to $14.00
- AVAX faces resistance at the $18.00 mark
- The closest support level lies at $16.30
The Avalanche price analysis shows that AVAX has been rejected at the $18.00 mark and the price has fallen back towards the $16.00 mark showing no signs of stopping.
The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies record negative price movements. Major players include ICP and DOT, recording a 5.61 and a 5.19 percent decline, respectively.
Avalanche price analysis: AVAX rejected at $18.00
The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows weak bullish momentum as observed in the short height of the histogram. Furthermore, the indicator’s lighter shade suggests a decreasing bullish momentum in recent hours as AVAX is rejected at the $18.00 mark.
The EMAs are currently trading around the mean position as net price movement over the last seven days remains low. However, as the markets observe bearish activity, the EMAs move downwards above the mean line, with the 12-EMA taking the lead. In recent hours the downwards slope of the EMAs has increased, and the two EMAs have started to converge suggesting that a bearish crossover is about to occur.
The RSI had dived into the oversold region on June 13 but has since moved back into the neutral region as the price action stabilized around the $16.00 mark. At press time, the index trades around the mean level at 50.00 and hovers at 48.78 moving downwards to show the bearish pressure. The current position leaves room for volatile movement in either direction, while the current slope suggests low pressure from either side of the market.
The Bollinger Bands were moving in a narrow channel until yesterday but diverged as the bulls made an attempt at the $18.00 mark. However, the rejection has caused them to narrow again as the price falls back to the indicator’s mean line. At press time, the indicator’s mean line provides support at the $16.30 mark, while the upper limit presents a resistance level at the $18.58 mark.
Technical analyses for AVAX/USDT
Overall, the 4-hour Avalanche price analysis issues a sell signal with 12 of the 26 major technical indicators supporting the bears. On the other hand, only five of the indicators support the bulls showing a significant bullish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market.
The 24-hour Avalanche price analysis shares this sentiment and also issues a sell signal with 13 indicators suggesting a downwards movement against only three indicators suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing little buying pressure for the asset across the mid-term charts. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.
What to expect from Avalanche price analysis?
The Avalanche price analysis shows that the bulls have been crushed by the increasing selling pressure at $18.00 and the price has fallen down to the $16.00 mark as the bears take over.
Traders can expect AVAX to move downwards to the $14.00 mark as the bears take over. Furthermore, the suggestion is supported by the mid-term technical indicators, which show strong bearish dominance across the charts. If the bulls are unable to defend the $14.00 mark, AVAX may fall to $12.00 but that is unlikely to happen in the short-term.
