Avalanche, (AVAX), has continued its climb despite negative market conditions and other obstacles over the last few weeks.
- Analysing the Avalanche Price reveals a Bearish Trend
- Bullish sentiment in the AVAX markets remains
- As of writing, AVAX/USD trades at $20.57
The unfavorable market environment caused its market cap to drop by $2 billion in the past 2 weeks. But, the company is trying to get back on track.
At the time of writing, Avalanche’s market cap – at $5.8 billion – was below its monthly high but above its monthly low. But with the market still trying to recover from last week’s fall, will more value permeate the blockchain network now?
Avalanche Price Circling Support Line
AVAX is above its support level for five consecutive days. The support line for its rising range during which it oscillated over the past nine weeks is the same.
Avalanche’s price research shows a bearish market trend as cryptocurrency falls to $22.62 levels.
This resistance is currently acting as resistance to the AVAX/USD pairs, and must be broken if the pair wants to rise.
But it’s likely that the bears will take over the market and drive the price down to the $22.52 support level.
One-day Avalanche price analysis confirmed a negative trend and now the price is declining again.
Since last week, the AVAX/USD currency pair has been in decline and currently trades at $20.58
Both parallel trendlines continue to contain price movements, while the market moves in a downward channel formation.
The price will fall if the selling pressure continues and could possibly breach the $22.52 level.
The AVAX price experiences high levels of uncertainty
AVAX’s current price levels underline the uncertainty.
It is the reason for the doubt that the price repeatedly tests the same support line. There is therefore a possibility of weakness in support.
Despite the market’s uncertainties, AVAX’s market sentiment is currently shifting in favor of the bulls.
The weighted sentiment indicator, which had declined in the bearish performances of the week before, made it clear.
According to the Avalanche price analysis price chart (4-hour), it’s clear that the market is in a downtrend.
Market momentum is waning and it is expected to fall further in the future. Another sign is the falling volume.
The bulls, on the other hand may push the price higher to retest $23.63 resistance if they are able to take control of the market.
According to Moving Average Convergence Divergence, (MACD), the signal lines are going higher than the histogram.
Relative Strength Index is (RSI), which is also a sign the market is bearish, is at or below the 50-day level. These are the moving averages for 50 and 200 days, $21.15 and $22.06.
AVAX Total Market Cap at $5.82B on Daily Chart | Source: TradingView.com Featured Image from The Daily Hodl. Chart by TradingView.com