Avalanche Price Analysis: Bearish Momentum Persists

Avalanche Price Under Pressure

Avalanche price is showing a bearish trend, with AVAX/USD standing at $16.98—a 3.47% drop in the last 24 hours. The price has been pushed below the $17.00 level due to strong selling pressure. If this bearish trend continues, AVAX could further decline to its support level at $16.43.

Potential Downside Risks

The bearish momentum threatens to break through the $16.43 support level, suggesting increased downside potential. To counter this, bulls must push AVAX above the $17.58 resistance level to restore market confidence and avert further declines.

Trading Patterns and Market Indicators

AVAX has been trading between $16.43 and $17.58, but recent pressures have brought it close to the lower support level. With a market capitalization of $5.51 billion and a declining 24-hour trading volume at $210 billion, the coin shows signs of weakening.

Technical Analysis Insights

Currently, AVAX/USD is below both its 50-day and 200-day moving averages, reinforcing bearish sentiment. The moving average stands at $16.79, below the current price. The MACD has turned negative, with bearish histogram bars, while the RSI is at 49.92, indicating a potential shift deeper into bearish territory.

Short-Term Outlook

The 4-hour chart reveals persistent bearish momentum. The RSI indicator is at 48.87 and may enter the oversold zone if the trend continues. Red histogram bars and a signal line below the MACD line suggest ongoing bearish momentum. The moving average at $17.02 is above the current price, supporting the bearish outlook.

In conclusion, Avalanche faces strong bearish pressure, with potential for further decline unless it breaks above the $17.58 resistance. Technical indicators align with this bearish sentiment, suggesting possible continued downside.