Avalanche could continue dropping as its price slipped to the $16 level while it did perform well over the past week so let’s have a closer look at today’s latest altcoin news.
The coin dropped significantly in the past 24 hours and shed up to 12% of its value. AVAX saw some string resistance at the $21 mark and was unable to break it over which caused the price to slump furhter. BTC and other major marker movers were struggling to trade above their immediate resistance levels and that’s why it got stuck at $20,000 in the past few days. The broader market weakness caused most altcoins to drop on the charts and Avalanche could continue dropping too.
AVAX witnessed a wave of selling pressure and with it mounting, the coin could move closer to the resistance at $14 in the next tradign session. Since the coin bounced from $20, Avax continued to move south on the 24-hour chart, and the global crypto market cap is at $892 billion with a fall recorded of 5.1%. since the coin bounced from the $20 price level, AVAX continued moving south on the 24-hour chart with the global crypto market being set at $892 billion and a fall of 5.1% in the past day.
AVAX barely registered the buying strength over the past month but in the past few days, it did register some buying strength recovery with the price drop invalidating the same. The RSI was below the half-line for a month with a small dip here and there into the oversold region. At press time, RSI noted a downtick suggesting a continuation of a downtrend and the Moving Average Convergence Divergence flashed some green signal bars. The indiactor shows the price direction and a possible reversal as well.
The green signal bar on the MACD is considered a buying signal and it presents a buying opporutnity so if the buyers act on it, AVAX could see a small relief. The buying momentum faded from the charts and so did the capital inflows. The Chaikin Moeny Flow shows capital inflows and outflows with the indiactor below the halfline. This means that the capital inflows are lesser than outflows and suggest higher selling pressures.
The Bollinger Bands constricted and indicated that there’s an explosive price movement that can be found on the charts. Bollinger Bands reads price volatility and overall, the technical outlook remains bearish for AVAX with possible downward movement once again.
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