Over the last few days, Avalanche has experienced significant losses, plunging by almost 20%. On a weekly timeframe, AVAX has lost 10% of its market value. Although the daily timeframe indicates that AVAX has made a slight upward movement on its chart, with an appreciation of 1.6%, the technical outlook for Avalanche remains bearish.<\/p>\n
Buyers have been cautious about price movements while sellers have dominated the market, leading to a decrease in both demand and accumulation on the daily chart. In order for the Avalanche price to experience some relief, it needs to break above the $18 mark.<\/p>\n
However, the $17 price level has acted as a supply zone for the altcoin. If bulls cannot defend the current price mark of the altcoin, the bears may take full control of the asset\u2019s price.<\/p>\n
Similar to other prominent altcoins, major market movers have been struggling to break their crucial resistance levels. The decline in AVAX\u2019s market capitalization indicates a decrease in buying pressure in the market.<\/p>\n
At the time of writing, AVAX was priced at $17.17. The immediate resistance for the altcoin was at $18, and if breached, could lead to a push towards $19, thereby strengthening the bulls.<\/p>\n
However, if Avalanche continued to trade sideways, a fall below the $17 level was expected. In such a case, the next support level for the asset was $15.<\/p>\n
The altcoin\u2019s recovery was dependent on buyers stepping in to push its price above the $18 mark. The recent amount of AVAX traded was red, which suggested an increase in selling pressure in the market.<\/p>\n
Over the past week, there has been a significant drop in demand for the altcoin, leading to a decline in its value. Despite efforts by bullish investors to regain buying strength, it is essential to surpass immediate resistance to make progress.<\/p>\n
The Relative Strength Index indicates that sellers outnumber buyers, with the index below the 50-mark. Though there has been a minor upswing, the bearish influence continues to dominate.<\/p>\n
Additionally, the AVAX price remains below the 20-Simple Moving Average, indicating that sellers are gaining momentum and steering the market\u2019s price action.<\/p>\n
In addition, further technical indicators suggest that bearish momentum is prevailing. The Moving Average Convergence Divergence indicator shows the price momentum and reversals in the market. On the one-day chart, red histograms have formed, indicating sell signals.<\/p>\n
The Directional Movement Index determines the price direction, and currently, the -DI line (orange) is above the +DI line (blue), resulting in a negative DMI reading. The Average Directional Index (red) is above the 20-mark, indicating that the price momentum is gaining strength.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Over the last few days, Avalanche has experienced significant losses, plunging by almost 20%. On a weekly timeframe, AVAX has lost 10% of its market value. Although the daily timeframe indicates that AVAX has made a slight upward movement on its chart, with an appreciation of 1.6%, the technical outlook for Avalanche remains bearish.<\/p>\n
Buyers have been cautious about price movements while sellers have dominated the market, leading to a decrease in both demand and accumulation on the daily chart. In order for the Avalanche price to experience some relief, it needs to break above the $18 mark.<\/p>\n
However, the $17 price level has acted as a supply zone for the altcoin. If bulls cannot defend the current price mark of the altcoin, the bears may take full control of the asset\u2019s price.<\/p>\n
Similar to other prominent altcoins, major market movers have been struggling to break their crucial resistance levels. The decline in AVAX\u2019s market capitalization indicates a decrease in buying pressure in the market.<\/p>\n
At the time of writing, AVAX was priced at $17.17. The immediate resistance for the altcoin was at $18, and if breached, could lead to a push towards $19, thereby strengthening the bulls.<\/p>\n
However, if Avalanche continued to trade sideways, a fall below the $17 level was expected. In such a case, the next support level for the asset was $15.<\/p>\n
The altcoin\u2019s recovery was dependent on buyers stepping in to push its price above the $18 mark. The recent amount of AVAX traded was red, which suggested an increase in selling pressure in the market.<\/p>\n
Over the past week, there has been a significant drop in demand for the altcoin, leading to a decline in its value. Despite efforts by bullish investors to regain buying strength, it is essential to surpass immediate resistance to make progress.<\/p>\n
The Relative Strength Index indicates that sellers outnumber buyers, with the index below the 50-mark. Though there has been a minor upswing, the bearish influence continues to dominate.<\/p>\n
Additionally, the AVAX price remains below the 20-Simple Moving Average, indicating that sellers are gaining momentum and steering the market\u2019s price action.<\/p>\n
In addition, further technical indicators suggest that bearish momentum is prevailing. The Moving Average Convergence Divergence indicator shows the price momentum and reversals in the market. On the one-day chart, red histograms have formed, indicating sell signals.<\/p>\n
The Directional Movement Index determines the price direction, and currently, the -DI line (orange) is above the +DI line (blue), resulting in a negative DMI reading. The Average Directional Index (red) is above the 20-mark, indicating that the price momentum is gaining strength.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-22431","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/22431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=22431"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/22431\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=22431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=22431"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=22431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}