•AVAX/USD is currently priced at $45.37 and has decreased by 11.34% over the past day
•The trading volumes have increased by 87.28% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Bears regain ascendancy as Avalanche Coin falls
The Avalanche price today is $45.37 USD with a 24-hour trading volume of $1,586,001,530 USD. Avalanche is down 11.34% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.13, which reflects the weak sentiment prevailing in the market.
AVAX started off the year on a great note and it was expected that it would continue with momentum. Yet the jumbled market sentiments restrained the asset and compelled the Avalanche Coin price to slash considerably below its all time high of $146.22 which it reached on Nov 21, 2021. AVAX is currently in the middle of a downtrend as it is transacting below the 20 and 50 SMA on the four hour chart. If the bulls rear their heads once again,the prices could push towards the resistance placed at $49.20. However, if the bears are able to sustain the momentum, they could push the Avalanche Coin price below the support level placed at $43.74.
Long Term View for Avalanche Coin
AVAX price has fallen prey to the bear invasion over the past few days as the altcoin dipped significantly as a bearish notion was overhauling the entire crypto market. The technical indicators suggest mounting selling pressure as the MACD indicator shows the histograms increasing in size below the zero line. The MACD and signal lines are transacting in the negative zone as well, with the gap widening between the two. The RSI indicator is no better off , as it is transacting in the oversold territory (standing at 30.71).
Conclusion
The Avalanche Coin bears have taken the lead and have been able to bring the market to a halt. The technical indicators suggest the market is favoring the bears and hence the downtrend continuing is the likelier possibility as the bears have the advantage in their favor.
Support:$43.74
Resistance: $49.20
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
