fax It is the native utility code for Avalanche blockchain. The token is currently ranked 12th by market cap, with a total supply of 440,043,419 AVAX and a total trading volume of over $396,250,098 in the last 24 hours. Since its recent decline at $36.15, AVAX has continued to move lower.
Currently, the overall cryptocurrency market is bearish. This has caused the price of AVAX to fall below the 100-day simple moving average (SMA) and the price may continue to decline over the next couple of days. As of writing, AVAX's price is trading at around $33.52, down about 0.22% over the past 24 hours.
Technical indicators point to a continued downward trend for AVAX
To see where the price of AVAX might go next, the following indicators can be used to examine the chart.
4-day MACD: A technical look at the MACD indicator From the 4-hour time frame, the MACD histograms are trending below the zero line, and both the MACD line and the signal line have crossed each other while trending below the MACD zero line, indicating a sustained movement on… the negative side. This can be seen in the image below.
4-day RSI: The Relative Strength Index (RSI) formation in the image above also indicates a continuation of the downward movement, as the RSI signal line appears to have moved above the 50% level and then dipped below it. This indicates that sellers are still very active in the market and thus overpower the buyers.
Alligator Indicator: A look at the Alligator indicator from the 4-hour time frame shows that AVAX is trading below the Alligator's lines as the Alligator's lip and teeth have successfully crossed over the Alligator's jaw. It can also be seen that the price tried to move above the alligator lines but failed to do so, which indicates that the price may continue to move in its downward trend.
The currency could form a new low
Conclusively, from the previous bearish move, AVAX formed two resistance levels at $39.94 and $36.15 and a resistance level of $39.94 and $36.15. Support level Worth $30.34. Right now, AVAX is moving towards this support level, and if it breaks above this level, the price may fall further to form a new low.
Conversely, if the price fails to break through this support, it will reverse and start an upward movement towards the previous resistance level of $36.15. If AVAX can break above this resistance level, the price may move further to test the $39.94 resistance level.
Featured image from Shutterstock, chart from Tradingview.com