Generally, the cryptocurrency market is bearish at the moment, with coins like Avalanche (AVAX), Ethereum, Litecoin, XRP, Solana, and others all caught in this trend. Currently, the price of AVAX is on a strong bearish move below the 100-day Moving Average (MA) and could continue in that direction for a while before retracing.
Technical Indicators Suggest A Bearish Trend For Avalanche
Observing the chart from the 4-hour timeframe, AVAX has crossed below both the 100-day moving average and the trend line. This could mean that the price is on a downward trend. The MACD indicator on the 4-hour timeframe suggests a very strong bearish movement as the MACD histograms are trending below the MACD zero line.
Also, both the MACD line and MACD signal line are trending below the zero line. Given the formation of the MACD indicator, it shows that there is a possibility that the price will still move further downward.
Furthermore, the Relative Strength Index (RSI) also on the 4-hour t
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