Avalanche price analysis: Bearish clouds fade as XTZ prices near $29.36

Avalanche price analysis for today shows that the AVAX/USD pair has fallen to a new low of $29.36 after a bearish drive. The market has found support at $28.76, but the bulls have not been able to push the price higher. The AVAX/USD pair is facing resistance at $29.81.The AVAX/USD pair is currently in a bearish trend and is expected to continue to decline in the short term. The price has declined by 0.61percent in the past 24 hours and the market capitalization for the coin is currently at $8.3 billion and the 24-hour trading volume is at $384 million.

Cryptocurrency price heatmap, Source: Coin360

AVAX/USD 1-day price analysis: Avalanche consolidates around $29.36

On 24-hour Avalanche price analysis shows that the market has been facing rejection at the $29.81 level after a brief period of consolidation. The prices have been stuck between the $28.76 to $29.81 range and it seems like the market will start heading upwards once it breaks out of this range.

AVAX/USD 1-day price chart, source: TradingView

The RSI for the AVAX/USD pair is currently at 52.63 and it is facing resistance at the $25.46 level. This indicates that the market is in a slight bearish momentum and a breakout above the $25.46 resistance could lead to a rally in the prices. The Moving Average Convergence Divergence (MACD) for the pair is currently in bearish territory and is indicating that the market is in a downtrend. The upper and lower bands of the Bollinger Bands are also close to each other, which indicates that the market is in a consolidation phase.

AVAX/USD 4-hour price analysis: AVAX/USD heads towards a $27 low after a bearish drive

The 4-hour price chart for Avalanche price analysis shows that the market is in a clear bearish trend. Prices have been falling consistently over the past few days and there seems to be no end to the current downtrend. The decreasing volume indicates that the market is losing steam and is expected to head lower in the short term. The $27 level is key support for the AVAX/USD pair and it seems like the market will head towards this level before finding any form of support.

AVAX/USD 4-hour price chart, source: TradingView

The Bollinger bands indicators on the 4-hour chart for AVAX/USD are currently in a bearish mode and are indicating that the market is in a downtrend. The RSI for the pair is currently at 44.36 and it is heading towards the oversold levels, which suggests that the market is bearish in the short term. The MACD for the pair is also in bearish territory as it is moving below the signal line.

Avalanche price analysis conclusion

Overall, Avalanche price analysis is in a clear downtrend and is expected to continue to head lower in the short term. The key support level to watch out for is $28.76 and if this level holds, we could see a rebound in prices. However, if the $29.81 level breaks, we could see the AVAX/USD pair head towards the $30 level. The technical indicators on both charts are currently in bearish territory and are indicating that the market is likely to continue to decline in the near future.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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