AVAX, the native token of the Avalanche blockchain, is currently facing a bearish market sentiment. With a total supply of 440,043,419 AVAX and a trading volume of over $396,250,098 in the last 24 hours, the token is currently ranked 12th by market cap. The price of AVAX has recently experienced a pullback to $36.15, and it has been on a downward trend since then, trading around $33.52 at the time of writing.
- 4-Day MACD: The MACD indicator on the 4-hour timeframe shows that the histograms are trending below the zero line, with both the MACD line and the Signal line crossing each other below the MACD zero line. This indicates a continued downward movement for AVAX.
- 4-Day RSI: The Relative Strength Index (RSI) signal line suggests a downward continuation movement, as it moved above the 50% level and then dropped below it. This signifies that sellers are dominating the market, overpowering buyers.
- Alligator Indicator: The alligator indicator on the 4-hour timeframe reveals that AVAX is trading below the alligator lines, with both the alligator lip and teeth crossing above the alligator jaw. The price attempted to move above the alligator lines but failed, indicating a potential further downward movement.
AVAX has established two resistance levels at $39.94 and $36.15, along with a support level at $30.34. Currently, AVAX is approaching the support level, and if it breaks below this level, the price could see a new low. On the other hand, if the support holds, the price may reverse its direction and move towards the $36.15 resistance level. Breaking above this resistance level could lead to a further test of the $39.94 resistance level.
Overall, the technical indicators suggest a bearish outlook for AVAX, with the potential for further downward movement in the short term. Traders and investors should closely monitor the support and resistance levels to gauge the potential price direction for AVAX in the coming days.
