Avalanche price analysis: AVAX/USD bounces up after testing the support line at $16.2

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Today marks a bearish day for Avalanche price analysis as the price went all the way down to $16.79 from yesterday’s closing price of $18.47. AVAX/USD is undergoing significant volatility today and is following the overall sentiment of the market.

Cryptocurrency heat map by Coin360

As shown in the crypto heat map, the market is significantly bearish today. The bears have bulled Ethereum down by 8.68 percent while Bitcoin has suffered a decrease of 3.43 percent. All other altcoins are following the same course.

1-day Avalanche price analysis
Avalanche Price Chart by TradingView

The daily chart of Avalanche price analysis gives us an interesting outlook. We can see that Avalanche was trading in a range for the last few days. However, it is currently right at a support line, from which the price bounced back earlier on 13th July 2022.

But will Avalanche bounce back up again or will it dip lower than the support? Well, the overall sentiment of the market is very negative right now. The RSI is showing a strong dip and the MACD analysis also shows the histograms entering the red zone. Based on these indicators, Avalanche might be ready to dip lower.

Avalanche 24-hour price movement: AVAX/USD is heavily oversold

1-hour Avalanche price analysis
Avalanche Price Chart by TradingView

Right now, the RSI shows that AVAX/USD is heavily oversold. The RSI line is showing a significant drop in the level, as it currently sits at 20. The MACD is also painting an equally negative picture. It is likely that Avalanche will dip further and may even cross the previous support line.

Avalanche price analysis shows that the price closed at $18.33 exactly 24 hours ago. Now, it is down to $16.8 and is further expected to go lower. Overall, its price has reduced by 8.87 percent. Furthermore, a similar decrease is observed in the market cap that reduced by 8.88 percent. On the other hand, its trading volume went up by 82.56 percent.

4-hour Avalanche price analysis: The bearish momentum is very strong

4-hour Avalanche price analysis
Avalanche Price Chart by TradingView

After hitting the support line around $16.2, Avalanche quickly bounced back to $16.8. However, the recovery was only slight. As of yet, it looks like the bearish momentum has not completely vanished and the bulls are fully exhausted. The sentiments of the overall market are painting a very negative picture for Avalanche price analysis. So, we can expect further dips.

Just like the 1-day and 1-hour charts, the RSI and MACD indicators on the 4-hour Avalanche price analysis are quite negative right now. The RSI is currently at 23, suggesting that the market has been predominantly oversold in this interval. The MACD lines also seem to be preparing for a crossover, which is not great news.

Avalanche price analysis: Conclusion

While the market is a little uncertain today, it is obvious that the bearish momentum is taking over the bulls for now. However, the support at the $16.2 mark seems strong. It retested it once on the hourly chart and bounced back up. However, it might be ready to test again in the next few hours.

 While you are waiting for AVAD/USD to recover, consider reading our list of the top Web3 Crypto Coins.


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