The Avalanche price (AVAX), is still in red. This bearish coin price indicates that the market is forecast to be pessimistic. The AVAX/USD currency pair faces resistance at $25.15, and support at $23.18.
The AVAX/USD currency pair fell to $23.33 at the time of writing. This was following a bearish turn. The token is still at $23.18, but the bulls have not been able to push the price higher.
The Avalanche price dropped by 5.70% overnight
Right now, resistance is seen at $25.15 for the AVAX/USD pair. In the days ahead, it is expected to plummet further. With its current market capitalization of $6,638,597.842, the price fell by 5.70% overnight. Further, the coin’s 24-hour trading volume registered at $536 million.
The market appears to have experienced rejections of $25.15 on a 24-hour chart following consolidation. Prices also seemed to be stuck between $23.18 and $25.15. Meanwhile, it’s likely that the market will go up once the coin breaches above the range.
Investors should be on the lookout for a breakout that breaks through the resistance line at $25.15, or below the support level at $23.18 to allow entry into new positions.
This pair has a RSI score of 52.63. It is currently resisting resistance in the 25.15 area. This could indicate that the market is hovering at overbought levels, which would suggest a temporary bearish momentum. According to technical indicators, the market has been experiencing bearish movements. Any breach above $25.15 may lead to an increase of prices.
AVAX/USD Pair Dipped In Bearish Waters
The AVAX/USD pair’s MACD or Moving Average Convergence Divergence is swimming in bearish waters which translates to a bearish market. The Bollinger Bands seem to be swinging close together, indicating that market leaders are preparing for a consolidation rock.
The 4-hour AVAX price chart shows that AVAX is extremely bearish. As it seems, the coins are in an indecisive state as prices have fallen dramatically over the last few days.
A decrease in AVAX volumes also signals a waning investor interest, and may cause a short-term decline in market volume. The critical support level for the AVAX/USD pair is at $23 and it’s likely that the market will slide further down to this level.
The AVAX stock price has been falling steadily and will likely continue to fall in the near future.
AVAX Total Market Cap at $6.4 Billon on Daily Chart | Source: TradingView.com Featured Image from The Daily Hodl. Chart by TradingView.com