AVAX Still In Crimson Territory As Rejection At $25 Forms

2022-8-3 18:10

Avalanche (AVAX) price lingers further in the red. The coin price is extremely bearish showing a downward trend indicating a pessimistic market forecast. Consequently, the AVAX/USD pair is fronting a resistance spotted at $25.15 and support seen at $23.18.

As of this writing, the AVAX/USD pair dipped to a new low that registered at $23.33 following a bearish overturn. Even though the token has spotted support at $23.18, the bulls are unable to thrust the price higher.

Avalanche Price Down By 5.70% Overnight

Currently, the AVAX/USD pair is experiencing resistance at around $25.15. More so, the pair is seen to plunge further in the coming days. The price has nosedived by 5.70% overnight with its market cap now at $6,638,597,842. Further, the coin’s 24-hour trading volume registered at $536 million.

On a 24-hour chart, the market is seen to be experiencing rejections spotted at $25.15 following a consolidation period. The prices also appeared stuck in the range of $23.18 to $25.15. Meanwhile, it’s likely that the market will go up once the coin breaches above the range.

With that being said, investors should keep an eye on a breach that will punch through the resistance level of $25.15 or a break below the support line of $23.18 that enable entry into new positions.

The pair shows an RSI of 52.63 and is currently fighting off resistance imminent at the $25.15 zone. It could be hovering over the overbought levels which show a short-term bearish momentum. The technical indicators show that the market is experiencing a bearish movement and a potential breach that shoots over $25.15 could lead to an increase in prices.

AVAX/USD Pair Dipped In Bearish Waters

The AVAX/USD pair’s MACD or Moving Average Convergence Divergence is swimming in bearish waters which translates to a bearish market. Moreover, the Bollinger Bands appear to swing close to one another indicating that the market is tipping on a consolidation rock.

Further, the 4-hour price chart for AVAX price reveals that the market is dreadfully bearish. In fact, prices have dropped tremendously as seen in the past couple of days as it feels like the coin is in a limbo state.

The decrease in AVAX volume also indicates the waning of investor interest and could nosedive in the short term. The critical support level for the AVAX/USD pair is at $23 and it’s likely that the market will slide further down to this level.

In general, AVAX price is showing a complete drop that will continue to bottom out in the short term.

AVAX total market cap at $6.4 billion on the daily chart | Source: TradingView.com Featured image from The Daily Hodl, chart from TradingView.com

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Источник: newsbtc.com

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