Analysts are observing the movement of the AVAX token as it battles between the bullish and bearish trends. The price of Avalanche surged from $11.0 to $65.0 in March 18th, driven by bullish behavior in the week of November 2023. Despite this peak, the price has plummeted from $65.0. Subsequently, AVAX experienced a significant drop following a wedge pattern after touching the resistance supply level.

Avalanche Technical Tools And Performance Analysis

Recent data shows that Avalanche indicates bearish trends as it falls below the 20-day and 50-day EMA bands, suggesting further decline if selling pressure persists. Indicators such as the MACD and RSI are positioned in bearish territories with the RSI at 36.17, indicating a lack of momentum and potential for further decline.

The negative price performance of AVAX over the past week and month, with declines of -14.64% and -36.81% respectively, further reinforces the downward trajectory.

Avalanche Price Levels To Watch

A breakthrough above the resistance at $35.50 could propel AVAX to higher resistance levels around $40.00. Conversely, a drop below the support at $30.00 may lead to further declines towards $25.00, posing risks for additional losses.

Traders should closely watch these key levels as they could dictate short-term market direction, setting boundaries for potential price movements.

Avalanche Price And Volumes Are Declining

Volume analysis reveals that Avalanche has seen a volume of $527.86 Million. The correlation between price and volume trends since March 19th, 2024, indicates a decline in volume alongside a decreasing price, signaling the continuation of the current trend.

Summary

Avalanche is encountering resistance at $35, trading at $32.90, which signifies a 6.80% decrease within the last 24 hours. With a market capitalization of $12.58 billion, interest in Avalanche appears to be diminishing as it holds the 12th position among cryptocurrencies.

The price behavior suggests a battle between buyers and sellers, resulting in a significant drop from $65.0 reached on March 20th, 2024. Bearish indications persist, with a potential for further decline if support levels are breached.

Traders are advised to pay attention to crucial levels as any breakout or breakdown may influence short-term market directions for Avalanche. Volume analysis supports the current downward trajectory.

Technical Levels

Support Levels: $30.00

Resistance Levels: $35.50

Disclaimer

Information provided in this analysis is intended for informational purposes only and does not constitute investment advice. Trading or investing in cryptocurrencies carries inherent risks of financial loss.