Cryptocurrency AVAX is defined as the native service token of the Avalanche Blockchain. It is currently ranked 12th by market value and stands out with a total supply of 440,043,419 AVAX. It has made a name for itself with a trading volume of over $396,250,098 in the last 24 hours. However, it is following a downward trend after a recent pullback starting from the $65 level.
Bearish Mood Dominates the Crypto Market
A downward trend prevails in the general cryptocurrency market. This situation has caused AVAX’s price to fall below the 100-day Simple Moving Average (SMA), signaling that the price could drop further in the coming days. Currently, the price of AVAX is around $33.52, having fallen by about 0.22% in the last 24 hours.
To determine the future direction of AVAX’s price, we can look at some indicators. The 4-hour MACD indicator shows that the MACD histograms are below the zero line, and the MACD line has crossed below the Signal line. This indicates that the downward movement is continuing.
By examining the Relative Strength Index (RSI) over a 4-day period, it is observed that the RSI signal line rose above the 50 level and then fell below it again. This indicates that sellers are still active in the market and the power of buyers is decreasing. Combining these indicators suggests that AVAX’s price may show a downward movement in the future.
Cryptocurrency AVAX May Form a New Low
At this stage, following the previous downward movement, the cryptocurrency AVAX has formed two resistance levels at $39.94 and $36.15, and a support level at $30.34. Currently, the altcoin AVAX is moving towards this support level, and if it falls below this level, the price could drop further, creating a new low.
Conversely, if the price does not fall below this support, it will reverse and initiate an upward movement towards the previous resistance level of $36.15. If the cryptocurrency AVAX manages to rise above this resistance level, the price could climb further to test the $39.94 resistance level.
