Signal price

Avalanche Price Analysis: AVAX Finds Support at $18, Can the Bulls Defend the Level?

TL distribution; DR

  • Avalanche price analysis suggests sideways movement below $20.00
  • The closest support level is located at $18.04
  • AVAX is facing resistance at $20.00 and higher at $22.32.

Avalanche’s price analysis shows that AVAX has finally found support at the $18.00 mark, which has led to a significant lessening of downside pressure. However, the asset is unlikely to show a strong rally as trading activity remains weak in the near term.

The broader cryptocurrency market has seen bearish market sentiment over the past 24 hours, with most major cryptocurrencies seeing negative price movements. Major players include BNB and ETH which are seeing declines of 8.99 and 8.04% respectively.

Avalanche Price Analysis: AVAX finds support at $18.00

Technical Indicators for AVAX/USDT by Tradingview

The MACD is currently bearish, as expressed by the red color of the histogram. Moreover, the indicator is showing strong bearish momentum as observed in the high depth of the histogram. Additionally, the indicator’s lighter hue suggests increasing bearish momentum as price action finds support around the $18.00 mark.

The EMAs are currently trading below the average position as the net price movement over the past five days remains negative. However, as the AVAX market turned sharply bearish, the EMAs began to decline, with the 12-EMA taking the lead. At press time, the 12-EMA is deviating sharply from the 26-EMA as selling activity has increased in recent hours.

The RSI had been trading in the neutral zone since May 30, with Avalanche’s price volatility decreasing on the short-term charts. However, yesterday the indicator dipped into the oversold region. The indicator is currently moving higher as price action finds support at the $18.00 mark. However, strong bearish pressure is still hanging over AVAX markets.

The Bollinger Bands were tight until June 10, but then showed strong divergence as price action saw high volatility. Currently, the indicator is still expanding to facilitate the strong bearish activity. At press time, the lower boundary is providing support at $18.02 while the middle line is showing resistance at $22.32.

Technical analysis for AVAX/USDT

Overall, the 4-hour Avalanche price analysis is issuing a sell signal with 14 of the 26 major technical indicators supporting the bears. On the other hand, six of the indicators support the bulls showing a significant bullish presence in recent hours. At the same time, six indicators sit on the fence and do not support either side of the market.

The Avalanche 24-hour price analysis shares this sentiment and also issues a sell signal with 16 indicators suggesting downward movement against only two indicators suggesting upward movement. The analysis reaffirms bearish dominance on the mid-term charts while showing little to no buying pressure for the asset on the mid-term charts. Meanwhile, eight indicators remain neutral and give no signal at press time.

What to expect from Avalanche’s price analysis?

Avalanche Price Analysis: AVAX Finds Support at $18, Can the Bulls Defend the Level?  2
4 Hours Price Chart by Tradingview

Avalanche’s price analysis shows that after being rejected at $28.00, the bulls were unable to generate momentum, and after struggling around $24.00 for the following days, the Bearish momentum took over. However, the bulls are finding support at the $18.00 mark, and further downward movement is unlikely in the near term.

Traders can expect AVAX to see a sideways move as the downside pressure evaporates at the $18.00 support level. Also, selling activity decreases as trading volume decreases. Traders should expect movement between $18 and $20.00 with room for further upward movement.