Avalanche Crypto Slides From The Top: Bearish Days Started? 

• 1 The Avalanche crypto is down nearly 4.51% to around $51.19 at the time of writing.
• 2 The AVAX price is nearing a 20-Day exponential moving average which may act as a dynamic support for the crypto.

The Avalanche crypto price continued to slide lower on the second consecutive day after falling sharply from the highs on Tuesday. The crypto was down nearly 4.51% and was trading close to $51.19.

Moreover, the overall crypto market is experiencing a fall these days including the market leaders Bitcoin and Ethereum. Looking precisely at the price performance the BTC crypto has fallen nearly 15% from the top in the last five sessions. The Ethereum crypto has also slumped nearly 20% in the last few sessions.

The Avalanche crypto also noted a sharp fall in the last couple of sessions and slumped nearly 12% yesterday. The price is down nearly 4.5% intraday and seems to have joined the crypto market fall.

However, on the lower side lies the dynamic support of the 20-Day exponential moving average which may try to halt the further fall on the lower side. If the sellers continue to dominate, the price may fall further.

Avalanche Crypto: Volatility Rises As The Price Drops

The volume analysis shows that AVAX crypto received $2.84 Billion volume inflow in the past 24 hours which is 9.62% lower as compared to the previous day. The volume inflow has decreased in the last couple of sessions.

The volume-to-market capitalization ratio of Avalanche cryptocurrency is 14.71% indicating high volatility in the market. The above chart displays that the volatility has risen in the recent sessions.

It has a circulating supply of 377.31 Million AVAX tokens which is 52.4% of the maximum supply. The total supply of AVAX crypto is $720 Million Tokens.

Social Dominance And Social Volume Shows Swift Rise!

The social dominance and social volume are the metrics which provide a clear idea about the changes in the popularity and awareness of Avalanche cryptocurrency over a period of time.

The above chart showcases that the social dominance and social volume saw a massive surge in December 2023 and dropped in January 2024. However, the social dominance and social volume curve has seen a rising trajectory from February 2024 indicates the rising acceptance of the crypto among the users. 

Overall Sentiments Are Turning Negative!

The sentiment chart illustrates the shift in the short-term trend outlook towards the bullish or bearish side. The above chart displays the change in positive, negative and weighted overall sentiment of the AVAX crypto. 

The recent sessions have experienced a drop in the overall weighted sentiment of the crypto. The overall sentiment was positive earlier and was drawing an upward trajectory. However, the last couple of sessions witnessed a major selloff in the overall crypto market including the market leaders Bitcoin and Ethereum. The overall sentiment curve has dropped near the zero line and is about to turn bearish in the short term.  

Avalanche Price Short Term Outlook

 

Currently, the short-term trend outlook lies on the neutral to bullish side until the AVAX crypto is maintained above the dynamic support of the 20 and 50-Day EMAs. Also, the $50 level on the lower side may act as a strong support.

Furthermore, if the price breaks below the recent support of $50 level, then it may validate the continuation of a correction phase and the Avalanche price may register a sharp fall. On the lower side, the $40 and $35 levesl might be the next lower targets after a breakdown.  

Conclusion.

The Avalanche crypto has fallen nearly 15% from the recent high and is hovering at the edge to join the short term fall rally in the overall crypto market. The AVAX price is down nearly 4.5% in Intraday and currently trades at $51.19. 

On the lower side, the dynamic support of 20-Day EMA and $50 level may try to halt the further fall as the trend outlook is bullish in the long term. However, if the bulls fail to establish their presence near the dynamic support. The price may drop sharply towards the $40 level.  

Technical levels:

• Support Levels: $48.4 and $41.6.
• Resistance Levels: $61.5 and $69.9.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.