Technical analysis of AVAX suggests a bearish sentiment, with the price dipping below key moving averages and exhibiting bearish signals on indicators like MACD and RSI.
After the recent AVAX price fall, the key resistance levels are at $39.95, $50.80, and $59.99 respectively.
After a strong run-up earlier this year, Avalanche’s native cryptocurrency AVAX has been facing strong selling pressure over the past week trading 23% down. However, the recent bounce back in the broader crypto market has helped to abate the decline further. In the last 24 hours, the Avalanche (AVAX) price is trading 7% up at a price of $37.91 but still over a 35% discount from its 2024 high of $60.
Analyzing the 4-hour chart, AVAX has dipped below both the 100-day moving average and the trend line, indicating a potential downward trajectory in price. The MACD indicator, also on the 4-hour timeframe, reflects a strong bearish sentiment, with the MACD histograms trending below the zero line, along with both the
