Price of Avalanche remains above the $22 mark, and it may try to reach $26 if all goes well.
At the time of writing, the chart’s avalanche price movement was still showing a bearish trend. The price of Avalanche remains above $22 support level. The currency began to retrace on its chart immediately after it soared and retested the $24 level.
This is a price adjustment because the Avalanche price rose over the previous two weeks. Avalanche is currently going through a profit booking, which has caused buying power to wane over the past few days.
The bullish force may become stronger if Avalanche pricing is able to move above the $25 price range. If AVAX declines on its chart, buyers may re-enter the market, which can result in another surge.
With BTC stumbling beneath the $23,000 price level, overall crypto market strength is also still weak. Over the past day, Ethereum also experienced prolonged losses. The majority of altcoins experienced the same price trend.
Strength from buyers is still essential for Avalanche’s price to reclaim its immediate resistance of $24.8. The market capitalization of all cryptocurrencies as of right now is $1.1 trillion, down 2.5 percent from the previous day.
At the time of writing, AVAX was trading at $23.12. It showed a correction after seeing a rally over the previous two weeks. The coin’s immediate support level was $22, and further selling pressure could drive the price of Avalanche down to $21.
A break above the $24.8 overhead resistance level could propel the price of Avalanche to $26. For several weeks now, the coin has been unable to surpass the aforementioned price point.
The market is currently flooded with sellers looking to book profits after the Avalanche price spiked just two weeks ago. In the most recent session, less Avalanche was traded than in the session before. This may indicate a decline in purchasing power.
On its chart, the altcoin’s buying power was weak. The reason why there were more sellers than buyers recently was due to profit booking. The same reading was indicated by technical indicators. Selling pressure was greater than buying pressure because the Relative Strength Index was slightly below the half-line.
The price of the avalanche dipped just a little bit above the 20-SMA line; this could be a mixed signal. A reading above the 20-SMA indicates a bullish market, while a reading below it indicates that sellers were driving the market’s price momentum.
The other technical indicators gave off a conflicting picture. The Chaikin Money Flow, which measures the inflows and outflows of capital, was observed to be in a positive area. At the time of writing, CMF’s reading was above the zero-line, meaning that capital inflows were greater than outflows.
Moving Average Convergence Divergence shows the price momentum and direction change. A bullish crossover occurred on MACD, and green histograms were formed. Green histograms served as a coin’s buying signal. Additionally, if buyers took action on it, AVAX would make money.
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