Avalanche Price Analysis: AVAX faces intense selling pressure

• 1 It seems nan bears are trying to participate nan trade 
• 2 The existent value of nan AVAX is astatine $18.43 pinch a dip of 6.45% during nan intraday trading session 

The bearish rally is ruining nan coin’s potential. The AVAX is moving towards its supports and nan coin is approaching nan desired targets of nan bear. The bearish rally ended astatine nan extremity of nan financial twelvemonth 2022 and it started to summation immoderate upward momentum now nan bears are attempting to springiness a dip to nan coin connected nan regular value chart.

The existent value of nan Avalanche is astatine $18.43 pinch a alteration of approx 6.45 % during nan intraday trading session. The brace of AVAX/BTC is presently at  0.0007978 BTC pinch a alteration of approx 3.5% successful nan past 24 hours. The downward inclination could consequence successful nan value reaching nan superior support of $17.46 and nan ongoing bearish inclination could consequence successful nan value reaching nan value toward nan secondary support of $15.17.

If nan bulls effort to get immoderate courage and participate nan waste and acquisition nan coin’s activity could get reversed nan value whitethorn turn to nan superior guidance of $20.90. And it could scope up to nan secondary guidance of $23.61.

Source: AVAX/USD by TradingView

The measurement of nan Avalanche has dropped by 14.26% during nan past intraday trading session. This intelligibly indicates that nan short-selling unit is decreasing. The AVAX value is trading supra 50,100 days of nan Exponential Moving Average. And is still lagging down nan Daily Moving Average of 20 and 200 days.

The method study of AVAX

Source: AVAX/USD by TradingView

The method indicators authorities that: A antagonistic transverse is indicated by nan intersection of nan MACD and MACD Signal indicators. As nan buyers go active, nan comparative spot parameter is moving into oversold territory. The RSI is presently astatine 46.37 and nan mean RSI is 52.92 and nan RSI seems to thrust successful nan oversold Zone 

Conclusion

AVAX’s marketplace is presently bearish. The coin’s value is decreasing steadily pinch downward momentum. The Avalanche is astatine $18.43 pinch a alteration of approx 6.45 % during nan intraday trading session. The AVAX value is trading supra 50,100 days of nan Exponential Moving Average. The coin has gained upward momentum successful nan financial twelvemonth 2023 but nan bears are manipulating nan market.

Technical Levels

Support Levels:$17.46 and $15.17.

Resistance Levels: $20.90 and $23.61

Disclaimer

The views and opinions stated by nan author, aliases immoderate group named successful this article, are for informational ideas only. They do not found financial, investment, aliases different advice. Investing successful aliases trading crypto assets comes pinch a consequence of financial loss.