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- 1 The AVAX asset still shows bearishness and falling capacity as it slides below the considerable trend in the 20-day and 50-day EMA bands.
- 2 MACD is below the zero line in a bearish domain, and the RSI is falling steadily.
Avalanche (AVAX), is facing resistance at $35 and has shown resilience despite market turbulence. It is currently trading at $32.90 and has declined by 6.80% in the past 24 hours and has a market capitalization of about $12.58 Billion, placing it at the 12th position among cryptocurrencies. This decline in market capitalization indicates a decrease in interest in Avalanche, although the broader market has also been challenging.
Avalanche Crypto Daily Chart Overview
On the daily chart, Avalanche’s price structure shows a battle between the bulls and the bears.
During the first week of November 2023, the bulls had the upper hand and drove the price up from the demand zone at $11.0 to $65.0 by March 18th, breaking through resistance levels at $27.0 and $50.0 along the way.
However, after reaching the top supply zone, Avalanche’s price began to deteriorate, plummeting from a crucial level of around $65.0 on March 20th, 2024.
Following the declining wedge, the AVAX crypto suffered a significant plunge after touching the resistance supply level and fell to lower levels.
Avalanche Technical Tools And Performance Analysis
Despite a significant decline, the AVAX asset still shows bearishness and falling capacity as it slides below the considerable trend in the 20-day and 50-day EMA bands. If sellers continue to surge, the drastic decline could extend even more.
MACD is below the zero line in a bearish domain, and the RSI is falling steadily at 36.17, indicating that the AVAX asset is not gaining steam and can continue to drop lower.
The AVAX asset reveals bearish signs and may sink even lower, with negative price performance recorded in the previous week and month at -14.64% and -36.81%, respectively, indicating a steady downward trend.
Avalanche Price Levels To Watch
Breaking above the resistance level of $35.50 could potentially pave the way for AVAX to reach higher resistance around $40.00. On the other hand, if the token falls below the support level of $30.00, it may face pressure to drop even further to the lower level of $25.00, which introduces risks of additional declines.
Traders need to monitor the key resistance and support levels since a breakout or breakdown could influence the short-term market direction, defining the potential movement boundaries for Avalanche.
Avalanche Price And Volumes Are Declining
Moreover, the volume analysis shows that the Avalanche cryptocurrency has received $527.86 Million in volume. The price vs Volume charts describes a deterioration in the overall volume from March 19th 2024, along with the price decline, suggesting the continuation of the ongoing trend.
Summary
Avalanche is facing resistance at $35 and trading at $32.90, reflecting a 6.80% decline in the last 24 hours with a market capitalization of $12.58 billion. The market shows a decrease in interest, as Avalanche ranks 12th among cryptocurrencies.
The price structure indicates a battle between bulls and bears, with a significant drop from the peak of $65.0 on March 20th, 2024. AVAX continues to show bearish signs, with a potential further decline if support at $30.00 is broken.
Traders should monitor crucial levels as a breakout or breakdown could influence the short-term market direction for Avalanche, with volume analysis supporting the downward trend.
Technical Levels
Support Levels: $30.00
Resistance Levels: $35.50
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
