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- AVAX is behind the daily moving average of 200 days. And is moving above the 20,50,100 days of Exponential Moving Average.
- The current price of the coin is $17.43 around with a drop of 0.47% during the intraday trading session
- The pair of AVAX/BTC is around 0.0008682 BTC with a loss of 0.55% in the last 24 hours
The bulls are working so hard to turn the tide in their favor that the price of AVAX may change course and begin to decline steadily. The bears attempted to join the deal, but it appears they may eventually control AVAX. The optimistic hegemony may cause AVAX to lose its potential and the bears to lose control of the AVAX market.
The Avalanche’s price is presently around $17.22 after falling by almost 0.47% during the intraday trading session. The currency may move in a bearish direction, and if investors decide not to join the trade, the price may breach the primary support level of $16.25. If the downward pattern persists, the price could eventually hit $14.14 as secondary support. If the bears’ defenses deteriorate, the bulls will try to force the currency to maintain its potential even more, which could lead to the price hitting the primary resistance of $18.02 and pushing it closer to the secondary resistance of about $21.24.
The coin’s volume has increased by approximately 20.75% in the last 24 hours. The volume-to-market cap ratio is around 0.0256. The increase in volume clearly shows that the selling pressure has decreased. AVAX is behind the daily moving average of 200 days. And is moving above the 20,50,100 days of Exponential Moving Average.
The technical analysis of AVAX
The technical indicator shows the following: Positive cross is indicated by the MACD and MACD signal intersecting. The relative strength indicator is moving into overbought territory as the buyers become active. The present value of the RSI is 50.52, which is higher than the RSI’s normal value of 51.07. The AVAX’s current RSI is becoming neutralized, and buyers and dealers are sending the currency on a roller coaster ride.
Conclusion
The current price of AVAX might follow the downtrend, with the bulls attempting to maintain their dominance over the market. However, if the bears gain momentum, the price may drop to the primary or secondary support levels. The Avalanche’s price is presently around $17.22 after falling by almost 0.47% during the intraday trading session. The positive cross is indicated by the MACD and MACD signal intersecting.
Technical Levels
Support Levels: $16.25 and $14.14
Resistance Levels: $18.02 and $21.24
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish 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.
