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- Avalanche price is trading with a strong downtrend momentum over the daily chart.
- The crypto asset slipped below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of AVAX/BTC is at 0.0007828 BTC with an intraday drop of 9.84%.
Avalanche price got stuck inside the short-sellers’ clutch over the daily chart. Bulls need to accumulate themselves to move the token upwards. However, volume change shows that the buyers are accumulating and trying to recover the token in the intraday trading session. AVAX investors need to wait for any directional change over the daily price chart.
Avalanche price is presently CMP at $22.3 and has lost 11.80% of its market capitalization in the last 24-hour period. However, trading volume has increased by 66.54% in the intraday trading session. Trading volume signifies that buyers are coming forward to alter the current momentum of AVAX coin. Volume to market cap ratio is 0.1787.
AVAX Coin is trading below 20, 50, 100 and 200-days Daily Moving Average. Now bulls need to accumulate to let the token brea each bullish hurdle one by one over the chart. AVAX price must gain uptrend momentum and avoid being caught into any bearish trap. For the time being, volume change can be seen below average line and needs to grow for AVAX to surge in the intraday trading session.
Support on the lower end is at $20.00 and resistance on the higher side is at $35.00.
Unleash the Reason behind AVAX Coin’s Fall
AVAX Token is falling over the daily chart. However, bulls are trying to plan the token’s rescue but it looks like they have to work harder to successfully oppose the downtrend momentum. AVAX is trading at the lowest level from the year 2021. AVAX coin fell because of the low trading volume and high selling pressure due the current circumstances of the bear market.
Technical indicators suggest that AVAX token is inside the oversold territory. Relative Strength Index showcases that AVAX is inside the oversold territory and it falters to register its return.
MACD exhibits bearish rally and MACD shows no sign of any type of crossover at the moment.
Conclusion
Avalanche price got stuck inside the short-sellers’ clutch over the daily chart. Bulls need to accumulate themselves to move the token upwards. AVAX is trading at the lowest level from the year 2021. AVAX coin fell because of the low trading volume and high selling pressure due the current circumstances of the bear market. AVAX investors need to wait for any directional change over the chart and AVAX must register its return from oversold territory.
Technical Levels
Support Levels: $20.00
Resistance Levels: $35.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.