https://ift.tt/LhwAxeH bearish for the next 24 hours

TL;DR Breakdown

• Avalanche price analysis is bearish today.
• Strong resistance present at $96.
• Avalanche is currently trading at $80.

Avalanche price analysis shows that it is currently trading just above the strong support level presented by Ichimoku cloud, around $78 levels. That being said, the Ichimoku indicator has shifted to bearish conditions even as prices are still in an equilibrium state. This suggests that traders should watch out for further declines in prices since the fundamentals do not favor this development.

AVAX/USD 4-hours analysis: Latest developments

Avalanche is trading in a bearish momentum with an overall downward trend. The prices attempted to rally just below $80 but failed to hold gains and are currently stuck within a range-bound movement between $81 and $74 levels.

The support line on the AVAX/USD 4-hour chart has been breached, which means there are more downside actions following after this breakdown, and the Ichimoku indicator is also telling us that we should look for further declines in prices.

Trading recommendations The 100 SMA crossed below the longer-term 200 SMA to indicate the presence of strong bearish pressure; however, it’s still above these moving averages, indicating that further declines are possible in coming sessions. Reversal from the current near-term is still possible but can be seen in lower time frames. A break below the $75.50 lows might push for more declines towards the next strong support at $70 per share.

Avalanche Price Analysis for 1-day: Market closes

Trading against the recent bearish trend, Avalanche is being supported by strong horizontal support of $75 levels, just above the resistance zone of the Ichimoku cloud, which presents itself as stronger support. As long as prices are trading between these two supports, it creates an equilibrium state called “Kumo Kumo” that could lead to further declines in the price for Avalanche or regain positive momentum if it breaks out of either side. A bullish breakout would require prices trading around the $92 mark on its way up beyond the Ichimoku cloud resistance zone, which hovers around $96 levels.

Visual analysis for today’s Avalanche shows bearish signals with volumes not very promising, neither on the upside nor downside. The Ichimoku indicator has shifted to bearish conditions, with prices trading below the equilibrium state presented by Kumo Kumo, suggesting further declines in prices for Avalanche today.

Avalanche trades for $80 as its price analysis shows that a big correction might be experienced as it reaches new lows during this day’s session. Its price is trending downwards after dropping in consolidation yesterday, with strong support at $78 levels, followed by resistance just above the equilibrium state of the Kumo Kumo around the $92 mark.

The price analysis for today’s Avalanche suggests that a bearish trend was witnessed yesterday, and it continued further to extend its loss into today’s trading session. The market opened with prices trading at $86 and dropped in consolidation yesterday but failed to trade below the previous day’s low of $78.24.

The Relative Strength Index (RSI) is 46, indicating a stable cryptocurrency. Furthermore, the price appears to follow a downward path in the undervalued region, exhibiting signs of the cryptocurrencys’ decreasing value and movement towards devaluation and intense selling activity.

Avalanche Price Analysis: Conclusion

Avalanche price analysis today shows that prices are currently in a downward momentum with strong bearish possibilities, having failed to move higher above $80 resistance levels. Traders should watch for further declines since indicators suggest this too in bearish conditions, which contrasts to yesterday’s bullish momentum.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.