AVAX Still In Crimson Territory As Rejection At $25 Forms
August 02 2022 - 11:10AM
NEWSBTC
Avalanche (AVAX) price lingers further in the red. The coin price
is extremely bearish showing a downward trend indicating a
pessimistic market forecast. Consequently, the AVAX/USD pair is
fronting a resistance spotted at $25.15 and support seen at $23.18.
As of this writing, the AVAX/USD pair dipped to a new low that
registered at $23.33 following a bearish overturn. Even though the
token has spotted support at $23.18, the bulls are unable to thrust
the price higher. Avalanche Price Down By 5.70% Overnight
Currently, the AVAX/USD pair is experiencing resistance at around
$25.15. More so, the pair is seen to plunge further in the coming
days. The price has nosedived by 5.70% overnight with its market
cap now at $6,638,597,842. Further, the coin’s 24-hour trading
volume registered at $536 million. On a 24-hour chart, the market
is seen to be experiencing rejections spotted at $25.15 following a
consolidation period. The prices also appeared stuck in the range
of $23.18 to $25.15. Meanwhile, it’s likely that the market will go
up once the coin breaches above the range. With that being said,
investors should keep an eye on a breach that will punch through
the resistance level of $25.15 or a break below the support line of
$23.18 that enable entry into new positions. The pair shows an RSI
of 52.63 and is currently fighting off resistance imminent at the
$25.15 zone. It could be hovering over the overbought levels which
show a short-term bearish momentum. The technical indicators show
that the market is experiencing a bearish movement and a potential
breach that shoots over $25.15 could lead to an increase in prices.
AVAX/USD Pair Dipped In Bearish Waters The AVAX/USD pair’s MACD or
Moving Average Convergence Divergence is swimming in bearish waters
which translates to a bearish market. Moreover, the Bollinger Bands
appear to swing close to one another indicating that the market is
tipping on a consolidation rock. Further, the 4-hour price chart
for AVAX price reveals that the market is dreadfully bearish. In
fact, prices have dropped tremendously as seen in the past couple
of days as it feels like the coin is in a limbo state. The decrease
in AVAX volume also indicates the waning of investor interest and
could nosedive in the short term. The critical support level for
the AVAX/USD pair is at $23 and it’s likely that the market will
slide further down to this level. In general, AVAX price is showing
a complete drop that will continue to bottom out in the short term.
AVAX total market cap at $6.4 billion on the daily chart | Source:
TradingView.com Featured image from The Daily Hodl, chart from
TradingView.com
Avalanche (COIN:AVAXUSD)
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