Avalanche price analysis: Bearish momentum continues as AVAX corrects lower at $31.92

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Avalanche price analysis indicates AVAX prices have been trading above $30,0 in the last few hours of the day as bears the market lower. The market has seen a general sell-off, with AVAX price declining by a significant value of 8.97 percent in the last 24 hours. Minor support was set at the $30 range but it was quickly breached as the market momentum favored the bears. The current price is $31.92 and the immediate support is present at $30.

The market is currently in a bearish mood as indicated by the negative trend in prices as well as the trading volume which is at $658,338,031.44. The overall digital asset market is experiencing a massive downfall as most of the cryptocurrencies are on a severe decline. Bitcoin is below the $30000 level while Ethereum is below the $2000 handle. The AVAX/USD pair has declined overall and is currently ranking at position 12 while dominating 0.68 percent of the entire cryptocurrency market.

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Cryptocurrencies prices heatmap, source: Coin360

AVAX/USD 1-day price analysis: Avalanche prices have been on a general decline

The market is in a bearish mood as the prices continue to make lower lows and lower highs with the prices correcting at $31.92. The market is expected to find support at the $28.0 level as the prices have been on a general downtrend in the last 24 hours of trading. The market is currently under bearish pressure and further downside is expected in the near term as the overall market momentum favors the bears.

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

The price is currently trading below the moving averages which are indicating a bearish trend in the market. The MACD and RSI are further supporting the bearish case as both of them have entered into the oversold region. The 1-day time frame reveals the market volatility is currently high as the Bollinger Bands have widened The AVAX/USD pair is expected to find support at $25.0 and if it is breached, the next level of support will be at $21.50. On the other hand, if the market starts to favor the bulls, then immediate resistance is present at $35.0

Avalanche price analysis on a 4-hour price chart: AVAX nears the $32 level

Avalanche price analysis on a 4-hour time frame indicates that the market is in a bearish mood as the bears have taken control of the market. The prices are fluctuating between the $32 and $30 level as the market is expected to find support at the $28.0 level. The 4-hour time frame also reveals that the market is currently under bearish pressure as indicated by the MACD which is in the oversold region.

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

The RSI is also indicating a bearish trend as it has declined below the 50.0 level. The Bollinger Bands have also widened which is an indication of high market volatility. The current sell-off in the market is likely to set the prices to break lower with the declining market conditions.

Avalanche price analysis conclusion

Avalanche price analysis concludes that the market is in a bearish mood as the prices have been on a general decline. The market is expected to find support at the $28.0 level and if it is breached, then a further downside is expected with the next level of support being set at $21.50. The market is highly bearish as the prices have decreased below the $30 range and the current price is $27.93. The market momentum is favoring the bears as indicated by the MACD and RSI. The market volatility is currently low which might result in a further decline in prices. The immediate support is present at $23.55 and if it is breached, the next level of support will be at $21.50.

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.