- Avalanche price analysis suggests a move down to $15.00
- The next support level is at $15.50
- AVAX is facing resistance at $16.30 level.
The Avalanche price analysis shows that AVAX gained a foothold above the $17.00 level and the price dipped below the $16.00 level. Currently, price volatility is low, but downside pressure is mounting as AVAX struggles to find support.
The broader cryptocurrency market has been witnessing bullish market sentiment over the past 24 hours as most major cryptocurrencies have seen positive price action. Major players include DIVI and XMR, which are up 7.30 and 6.80 percent, respectively.
Avalanche Price Analysis: AVAX falls below $16.00
The MACD is currently bullish, which is reflected in the green color of the histogram. However, the indicator is showing a little bullish momentum as seen in the short top of the histogram. Furthermore, the indicator’s lighter hue points to waning bullish momentum if the price action dips below the $16.00 level.
The EMAs are currently trading below the middle position as the net price action remains negative for the past seven days. However, as the markets observe bullish activity, the EMAs return to the middle position, with the 12-EMA taking the lead. In the last few hours, the upward movement of the EMAs has faded and the two EMAs have started converging.
The RSI dipped into oversold territory on June 13 but has since moved back into neutral territory as the price action consolidates around the $0.5000 level. At press time, the index is trading below the midpoint at 50.00 and is fluctuating at 40.84, moving horizontally with a bearish bias. The current position leaves room for volatile moves in either direction, while the current tilt suggests low pressure from both sides of the market.
The Bollinger Bands were tight until June 10th but then showed a sharp divergence as the price action observed heavy volatility. Currently, the indicator is showing a narrow channel as the price action is consolidating around the $16.00 level. At press time, the indicator’s lower bound offers support at the $14.88 level, while the midline represents a resistance level at the $16.30 level.
Technical Analysis for AVAX/USDT
Overall, the 4-hour Avalanche price analysis is giving a sell signal, with 14 of the 26 key technical indicators supporting the bears. On the other hand, only two of the indicators are supporting the bulls, which have shown little to no bullish presence for the past few hours. At the same time, ten indicators are sitting on the fence, not supporting either side of the market.
Sharing this sentiment, the 24-hour Avalanche price analysis also gives a sell signal, with 14 indicators pointing to a downside move while only three indicators pointing to an upside move. The analysis again confirms the bearish dominance on the medium-term charts, while also showing minor buying pressure for the asset on the medium-term charts. Nine indicators meanwhile remain neutral with no signals as of press time.
What to Expect from Avalanche Price Analysis?
Avalanche price analysis shows that the bulls attempted to start a rally but were rejected at the $17.00 level as bullish momentum was weak and selling pressures continued to mount. Currently, the price has dipped below the $16.00 level and it is showing signs of further downside as the bears dominate the market.
Traders can expect a move down to the $15.00 level for AVAX if the bears take over. Furthermore, the proposal is supported by the medium-term technical indicators showing strong bearish dominance. If the bulls fail to defend $15.00, AVAX is likely to dip back to $14.00.