The landslide has done well over the past week, but the coin has dropped significantly over the last 24 hours. This is down to 12% over the past day. AVAX experienced tough resistance at the $ 21 mark, and was unable to keep the asset price down.
Bitcoin and other major market makers have struggled to trade above the immediate resistance mark. BTC has been stuck at the $ 20,000 mark over the past few days. The growing market weakness caused altcoin generally to go down on the chart.
Now, the most popular altcoins including AVAX have witnessed a wave of selling pressure. With selling pressure rising, AVAX may approach the $ 14 direct support level during the next trading session.
Since, the coin bounced from the $ 20 price level, AVAX has since now continued to move south on the 24 -hour chart. The current global digital currency market capitalization is $ 892 Billion on the decline 5.1% over the last 24 hours.
Avalanche Price Analysis: A Day Chart
AVAX exchanged hands at $ 16 on the 24 -hour chart. After declining at the $ 20 level, the coin continues its bearish trend. The next support line for the coin is at $ 14. If the coin cannot hold above the $ 14 mark, it can trade near the $ 13 mark.
Overhead resistance was at $ 21, although AVAX tried to break through it, the coin had failed several times causing the bears to gain strength. AVAX trading volume declined on the chart and a red volume bar indicating selling pressure and bearishness.
AVAX has barely registered a buying power in the past month. Over the last few days even though the coin registered some buying strength recovery, the current price drop invalidated the same. The Relative Strength Index was below half the line during the month, with occasional declines into oversold territory.
At press time, the RSI again recorded a downtick indicating a continuation of the downward trend. Conversely, Moving Average Convergence Divergence flashes a green signal bar. The indicator reflects the current price direction and the possibility of price reversal as well.
The green signal bar on the MACD is considered a buy signal and this gives you a buying opportunity. If buyers act, AVAX may experience relief.
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The buying momentum disappears from the AVAX chart, with consonants as well as the amount of capital flows. Chaikin Money Flow reflects the inflow and outflow of capital, the indicator is below the half line. This reading means that capital inflows are less than outflows which indicates higher selling pressure.
Bollinger Bands are very constricted, indicating that an explosive price movement may be on the chart. Bollinger Bands read price volatility in the market. Overall, the technical outlook remains very bearish for AVAX which suggests southward action for the coin.
If buyers re -enter the market, the coin can move upwards for the next trading session.
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Featured image from www.avax.network, chart from TradingView.com