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Sanjay Shukla
Nov 21, 2022
by Sanjay Shukla

AVAX Technical Analysis: As Bears Continue, Avalanche Break The Consolidation

AVAX Technical Analysis
The technical analysis of AVAX shows there is a lack of uptrend in the market due to high selling pressure with prices moving below 200-day SMA and RSI struggling to move above 40.

Falling off from the list of the top 10 most valuable cryptocurrencies, Avalanche (AVAX), has lost more than 90% of its value in 2022. Over the last 24 hours, it has lost more than 7.56% in terms of the market cap due to a prolonged bearish trend. Since last week it has been witnessing strong bearish momentum losing over 8% in the last 7 days. With a current trading price of $11.95 moving below the 200-day simple moving average (SMA) since November 18, with a drop of 6.82% in the last 24 hours, the AVAX markets display a strong selling spree among the traders. 

Key Points

  • AVAX price actions display a sharp declining trend falling below $11.50

  • The daily chart shows strong bearish momentum as prices drop 6.82% in the last 24 hours

  • With a surge of 63%, the intraday trading volume in AVAX stands at $163.32

    • TradingView ChartSource: Tradingview

    AVAX Technical Analysis

    In the previous analysis, the AVAX witnessed a sharp bearish breakout, losing more than 8.35% to reach $16.73. However, the prices could not reverse the market sentiments and broke below the psychological mark of $15. The price channel which is below the 200-day SMA since last weekend supports the prolonged bearish in the market. For a swing entry, sideline traders still need to wait for the next bullish breakout rally if prices surge above $15. On the other hand, if AVAX fails to reverse the price actions, it may fall below the crucial $10 support level, which may further the selling spree in the market. The fall of prices from 78.60% fib retracement level to below 23.60% also supports the strong downtrend in the market. 

    Technical Indicators

    Struggling to slow down the selling pressure, RSI remains below the mark of 45 confirming the lack of uptrend in the market despite making a bullish divergence near the oversold boundary. Moving above the signal line, the already bottomed-out MACD shows an upswing with a bullish histogram

    According to technical indicators, AVAX price actions display prolonged bearish momentum with RSI unable to surge above the mark of 40 indicating a high selling pressure as traders need to wait for a bullish reversal for buying opportunity.

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    AVAX Technical Analysis: As Bears Continue, Avalanche Break The Consolidation
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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