Avalanche was also one of the cryptocurrencies that experienced a serious decline during the bear period.
Avalanche (AVAX) investors have been waiting for a bullish move in the price for a long time. However, the price went down to the 14 dollar band today.
Avalanche (AVAX) Price Analysis
The price of AVAX has reached the 14 dollar band as of today. So, will the decline continue in Avalanche or is a rise possible, we have discussed in this article.
Looking at the daily chart on Avalanche, the upper limit currently at $17.4 is acting as a notable resistance level. It indicates a significant hurdle for AVAX’s upward movement. As the support zone, it appears as $13.7. The $13.7 level provided a support for AVAX’s price during the declines.
The current movement of the AVAX/USD pair is bearish as it crosses below the Moving Average curve. Although the market has been relatively stable in the last few days, the bears have managed to take control and change the position of the bulls. Also, AVAX/USD price falling below the support band indicates the possibility of a breakout in the market.
The current RSI comes across as 33, indicating that the cryptocurrency is undervalued. With the price showing a downward trajectory in the low value range accompanied by increased selling activity, there is potential for a significant reversal and uptrend in the market.