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AVAX finds support at $18, can the bulls defend the level?
The Avalanche price analysis shows that AVAX has finally found support at the $18.00 mark, which has caused significant bearish pressure to subside. However, it is unlikely that the asset would show a sharp recovery since the trading activity remains low across the short term.
The broader cryptocurrency market observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include BNB and ETH observing an 8.99 and an 8.04 percent decline, respectively.
The MACD is currently bearish, as expressed in the red color of the histogram. Moreover, the indicator shows strong bearish momentum as observed in the high depth of the histogram. Furthermore, the indicator’s lighter shade suggests an increasing bearish momentum as the price action finds support around the $18.00 mark.
The EMAs are currently trading below the mean position as net price movement over the last five days remains negative. However, as the AVAX market turned sharply bearish, the EMAs have started moving downwards, with the 12-EMA taking the lead. At press time, the 12-EMA is diverging sharply from the 26-EMA as selling activity increased in recent hours.
The RSI was trading in the neutral zone since 30 May as the price volatility for Avalanche dwindled across the short-term charts. However, yesterday the indicator dived into the oversold region as. The indicator is currently moving upwards as the price action finds support at the $18.00 mark. However, strong bearish pressure still weighs on AVAX markets.
The Bollinger Bands were narrow until June 10 but then exhibited sharp divergence as the price action observed sharp volatility. Currently, the indicator is still expanding to facilitate the sharp bearish activity. At press time, the lower limit provides support at the $18.02 mark while the mean line presents resistance at the $22.32 mark.
The broader cryptocurrency market observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include BNB and ETH observing an 8.99 and an 8.04 percent decline, respectively.
The MACD is currently bearish, as expressed in the red color of the histogram. Moreover, the indicator shows strong bearish momentum as observed in the high depth of the histogram. Furthermore, the indicator’s lighter shade suggests an increasing bearish momentum as the price action finds support around the $18.00 mark.
The EMAs are currently trading below the mean position as net price movement over the last five days remains negative. However, as the AVAX market turned sharply bearish, the EMAs have started moving downwards, with the 12-EMA taking the lead. At press time, the 12-EMA is diverging sharply from the 26-EMA as selling activity increased in recent hours.
The RSI was trading in the neutral zone since 30 May as the price volatility for Avalanche dwindled across the short-term charts. However, yesterday the indicator dived into the oversold region as. The indicator is currently moving upwards as the price action finds support at the $18.00 mark. However, strong bearish pressure still weighs on AVAX markets.
The Bollinger Bands were narrow until June 10 but then exhibited sharp divergence as the price action observed sharp volatility. Currently, the indicator is still expanding to facilitate the sharp bearish activity. At press time, the lower limit provides support at the $18.02 mark while the mean line presents resistance at the $22.32 mark.
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