Avalanche price analysis: AVAX falls to $16.00, can the bulls hold on?

TL;DR Breakdown

• Avalanche price analysis suggests upwards movement towards $16.00
• The closest support level lies at $15.28
• AVAX faces resistance at the $17.41 mark

The Avalanche price analysis shows that AVAX has fallen to the $16.00 mark as the bears continue dominating the market. Currently, the bulls find support at $16.00 but it is unknown whether the buyers can hold on

The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies record positive price movements. Major players include ATOM and ONT recording a 12.79 and a 6.70 percent incline, respectively.

Avalanche price analysis: AVAX falls to $16.00 support

Technical indicators for AVAX/USDT by Tradingview

The MACD is currently bearish as expressed in the red color of the histogram. However, the indicator shows low bearish momentum in recent hours as observed in the short height of the histogram which suggests weak selling momentum. Moreover, the lighter shade of the histogram suggests a declining selling pressure as the price falls below the $16.00 mark.

The EMAs are currently trading below the mean position as net price movement over the last seven days remains negative. However, as the markets observe bearish activity, the EMAs move down towards the mean line, with the 12-EMA taking the lead. In recent hours the low gradient of the EMAs suggests a low trading activity in the AVAX markets.

The RS dived into the oversold region yesterday but has since climbed back into the neutral zone. At press time, the index trades close to the 30.00 mean level and hovers at 34.47 moving upwards to show slight buying pressure. The current position leaves low room for further downwards movement, while the current slope suggests buying pressure from the bullish side of the market.

The Bollinger Bands has been moving in a downwards channel as the price slowly moves downwards to the $16.00 mark. While the bands were expanding yesterday, today’s movement back towards the $16.5 suggests further convergence and low volatility across the mid-term charts. At press time, the indicator’s mean line presents resistance at the $17.41 mark, while the lower limit provides support at the $15.28 mark. 

Technical analyses for AVAX/USDT 

Overall, the 4-hour Avalanche price analysis issues a sell signal with 15 of the 26 major technical indicators supporting the bears. On the other hand, only two of the indicators support the bears showing a low 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 share this sentiment and issues a sell signal with 15 indicators suggesting a downwards movement against only one indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing weak 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?

4-hour price chart by Tradingview

The Avalanche price analysis shows that while the bulls have made another attempt at the $22 mark, the unsuccessful attempt has caused the price to enter a bearish rally causing the price to fall to the $16.05 mark. Currently, the price is moving downwards towards the $16.00 support level as the bears continue to dominate over the markets.

Traders can expect AVAX to move upwards from the $16.00 mark as the bulls find support at the level. This suggestion is reinforced by the mid-term technical analyses which show a bearish dominance over both the 4-hour and the 24-hour charts but a declining momentum over the short-term charts. As such, the price can be expected to move between $14.00 to $17.00 with a potential upwards movement to the $18.00 mark. 

Source