Avalanche (AVAX) Price Dips As Market Turbulence Persists
May 11 2024 - 7:00AM
NEWSBTC
AVAX is the native utility token of the Avalanche blockchain. The
token is currently ranked 12th by market cap, with a total supply
of 440,043,419 AVAX and a total trading volume of over $396,250,098
in the last 24 hours. Since its recent pullback at $36.15, AVAX has
continued to move downward. Currently, the general cryptocurrency
market is bearish. This has led to the price of AVAX dropping below
the 100-day Simple Moving Average (SMA) and the price might
continue to drop in the next couple of days. As of the time of
writing, the price of AVAX was trading around $33.52 and about
0.22% down in the last 24 hours. Technical Indicators Point Toward
A Sustained Downtrend For AVAX To figure out where the AVAX price
might be headed next, the following indicators can be used to
examine the chart. 4-Day MACD: A technical look at the MACD
indicator from the 4-hour timeframe, the MACD histograms are
trending below the zero line, and both the MACD line and the Signal
line crossed each other while trending below the MACD zero line,
indicating a continuous movement on the downside. This can be seen
in the below image. 4-Day RSI: The formation of the Relative
Strength Index (RSI) in the above image also suggests a downward
continuation movement as the RSI signal line is seen to have moved
above the 50% level and then dropped below it. This suggests that
sellers are still very much active in the market therefore
overpowering the strength of buyers. Alligator Indicator: A look at
the alligator indicator from the 4-hour time frame shows that AVAX
is trading below the alligator lines as the alligator lip and teeth
have both successfully crossed above the alligator jaw. It can also
be seen that the price tried to move above the alligator lines but
failed to do so, suggesting that the price might continue to move
in its downward direction. The Coin Could Form A New Low
Conclusively, from the previous downward movement, AVAX has formed
two resistance levels of $39.94 and $36.15 and a support level of
$30.34. Currently, AVAX is moving toward this support level and if
it breaks above this level, the price might drop even further to
create a new low. On the contrary, if the price fails to
break above this support, it will reverse and start an upward
movement toward its previous resistance level of $36.15. Should
AVAX manage to break above this resistance level, the price might
move further to test the $39.94 resistance level. Featured image
from Shutterstock, chart from Tradingview.com
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