Home
News
•AVAX/USD is currently priced at $18.65 and has decreased by 3.16% over the past 24 hours
•The technical indicators suggest bearish momentum prevalent in the altcoin
•The trading volume has increased by 17.21% over the past 24 hours
Short Term View: AVAX on the edge of a cliff as prices tumble
The Avalanche Coin price today is $18.65 USD with a 24-hour trading volume of $334,556,566 USD. Avalanche Coin is down 3.16% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.06331 for the altcoin.
The cryptocurrency market has experienced a heavy downturn as almost all significant coins have seen significant retracement. Avalanche Coin has shed a fair amount of its value over the past few weeks as the coin met with a sell-off near the psychological resistance at $20, which resulted in a drop in prices. AVAX Coin is currently trading below the 20 and 50 SMA on the 4-hour chart, indicating strong bearish market momentum. AVAX is likely to find support at $15, failing which the next support level lies at $12. On the other hand, the resistance seems a long way off and is placed at $25.
Long Term View for AVAX
The technical indicators for Avalanche Coin point towards bearish price action for the coin, as is suggested by the MACD indicator. The MACD indicator reinstates the bearish sentiment, and we are likely to see a bearish crossover in the coming hours, which suggests the bearish momentum is likely to continue. The histograms have been weakening and are about to make a splash below the zero line, thus advancing the bearish trend. The RSI, on the other hand, stands at 46.60 after price strength plunged over the past few days.
Conclusion
The price movement and range of Avalanche Coin suggest that the investors are bearish on the asset at this time. Maybe due to low volume, the buying and selling pressure remains negligible, compelling the price to trend within a narrow region.
Support: $15-$12
Resistance: $20-$25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
