AVAX is the native utility token of the Avalanche blockchain. The token is at present ranked twelfth by market cap, with a complete provide of 440,043,419 AVAX and a complete buying and selling quantity of over $396,250,098 within the final 24 hours. Since its latest pullback at $36.15, AVAX has continued to maneuver downward.
Currently, the overall cryptocurrency market is bearish. This has led to the value of AVAX dropping under the 100-day Simple Moving Average (SMA) and the value would possibly proceed to drop within the subsequent couple of days. As of the time of writing, the value of AVAX was buying and selling round $33.52 and about 0.22% down within the final 24 hours.
Technical Indicators Point Toward A Sustained Downtrend For AVAX
To work out the place the AVAX worth could be headed subsequent, the next indicators can be utilized to look at the chart.
4-Day MACD: A technical take a look at the MACD indicator from the 4-hour timeframe, the MACD histograms are trending under the zero line, and each the MACD line and the Signal line crossed one another whereas trending under the MACD zero line, indicating a steady motion on the draw back. This could be seen within the under picture.
4-Day RSI: The formation of the Relative Strength Index (RSI) within the above picture additionally suggests a downward continuation motion because the RSI sign line is seen to have moved above the 50% stage after which dropped under it. This means that sellers are nonetheless very a lot energetic available in the market subsequently overpowering the power of consumers.
Alligator Indicator: A take a look at the alligator indicator from the 4-hour timeframe exhibits that AVAX is buying and selling under the alligator traces because the alligator lip and tooth have each efficiently crossed above the alligator jaw. It can be seen that the value tried to maneuver above the alligator traces however failed to take action, suggesting that the value would possibly proceed to maneuver in its downward route.
The Coin Could Form A New Low
Conclusively, from the earlier downward motion, AVAX has shaped two resistance ranges of $39.94 and $36.15 and a support level of $30.34. Currently, AVAX is transferring towards this help stage and if it breaks above this stage, the value would possibly drop even additional to create a brand new low.
On the opposite, if the value fails to interrupt above this help, it would reverse and begin an upward motion towards its earlier resistance stage of $36.15. Should AVAX handle to interrupt above this resistance stage, the value would possibly transfer additional to check the $39.94 resistance stage.
Featured picture from Shutterstock, chart from Tradingview.com
