Avalanche (AVAX) Downtrend Persists Amid Market Uncertainty

Name	Symbol	Market	Market Cap ($)	Algorithm
Litecoin	LTCUSD	Crypto	5,894,070,582	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Litecoin

LTCUSD

Crypto

5,894,070,582

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-4.07	-4.88%	79.40	79.39	79.41

Price Change

Price Change %

Current Price

Bid Price

Offer

-4.07

-4.88%

79.40

79.39

79.41

High Price	Low Price	Open Price	Prev. Close	52 Week Range
84.50	77.21	83.33	83.47	57.64 - 114.98

High Price

Low Price

Open Price

Prev. Close

52 Week Range

84.50

77.21

83.33

83.47

57.64 - 114.98

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	23:19:49	0.884782	79.40	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

23:19:49

0.884782

79.40

USD

Price x Volume	Volume	Base Symbol	Related Pairs
19,135,799.79	239,272.31	LTC	LTCEUR	LTCGBP	LTCBTC

Price x Volume

Volume

Base Symbol

Related Pairs

19,135,799.79

239,272.31

Avalanche (AVAX) Downtrend Persists Amid Market Uncertainty

13/04/2024 8:30pm

NEWSBTC

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 timeframe suggests a bearish trend as the RSI signal line is trending around the oversold zone. Despite the potential of a retracement at this point, the price will drop more following this. The alligator indicator is another powerful tool used to determine the trend of an asset. A look at the above image shows that both the alligator’s lip and teeth have crossed over the alligator’s jaw facing the downward direction. This formation suggests that the trend is bearish and that the price could witness a deeper decline. What Could Happen Next Based on the price’s previous movement, there are two major resistance levels of $50 and $59.99 and a support level of $39.95. As Avalanche is on a negative trajectory, if prices manage to break below the support level of $39.95, it could trigger a move further toward the next low of $27.53. On the other hand, if the price fails to break below its previous low, it might start an upward correction movement toward the resistance level of $50.80. However, if it manages to break past this level, AVAX might move even further toward the $59.99 resistance level. As of the time of writing, the Avalanche was trading around $38, indicating a decline of 1.75% in the last 24 hours. Its market cap is down by over 16%, while its trading volume has increased significantly by nearly 250% in the past day. Featured image from Shutterstock, chart from Tradingview

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