The bearish rally is ruining the coin’s potential. The AVAX is moving towards its supports and the coin is approaching the desired targets of the bear. The bearish rally ended at the end of the financial year 2022 and it started to gain some upward momentum now the bears are attempting to give a dip to the coin on the daily price chart.
The current price of the Avalanche is at $18.43 with a decrease of approx 6.45 % during the intraday trading session. The pair of AVAX/BTC is currently at 0.0007978 BTC with a decrease of approx 3.5% in the last 24 hours. The downward trend could result in the price reaching the primary support of $17.46 and the ongoing bearish trend could result in the price reaching the price toward the secondary support of $15.17.
If the bulls try to get some guts and enter the trade the coin’s movement could get reversed the price may grow to the primary resistance of $20.90. And it could reach up to the secondary resistance of $23.61.
The volume of the Avalanche has dropped by 14.26% during the last intraday trading session. This clearly indicates that the short-selling pressure is decreasing. The AVAX price is trading above 50,100 days of the Exponential Moving Average. And is still lagging behind the Daily Moving Average of 20 and 200 days.
The technical analysis of AVAX
The technical indicators state that: A negative cross is indicated by the intersection of the MACD and MACD Signal indicators. As the buyers become active, the relative strength indicator is moving into oversold territory. The RSI is currently at 46.37 and the average RSI is 52.92 and the RSI seems to drive in the oversold Zone
Conclusion
AVAX’s market is currently bearish. The coin’s price is decreasing steadily with downward momentum. The Avalanche is at $18.43 with a decrease of approx 6.45 % during the intraday trading session. The AVAX price is trading above 50,100 days of the Exponential Moving Average. The coin has gained upward momentum in the financial year 2023 but the bears are manipulating the market.
Technical Levels
Support Levels:$17.46 and $15.17.
Resistance Levels: $20.90 and $23.61
