The Avalanche Crypto Price Struggles at Key Resistance Amid Growing Bearish Momentum
In recent trading sessions, the #Avalanche crypto price has shown a mix of slight upticks and downtrends, as reflected in the closing prices from $34.63 to $33.86. Technical indicators on the 4-hour chart suggest a tentative balance between buyers and sellers with potential key movements around established support and resistance levels.
The 9 Exponential Moving Average (EMA) initially rose from $34.22 to $34.56, indicating a mild bullish sentiment, before slightly retreating to $34.42 in the latest session. This movement near the 20 EMA, which has hovered more steadily around $34.58 to $34.58, presents a converging scenario suggesting that $AVAX is stabilizing after recent fluctuations. The price residing below both EMAs as of the latest data point, especially under the key resistance at $35.01, hints at bearish pressure.
The Moving Average Convergence Divergence (MACD) shows a narrowing of negative momentum, as the MACD line moves closer to the signal line from -0.498 to -0.311. This closing gap, reflected in the positive histogram values from 0.102 to 0.121, suggests a potential for reversal or slowdown in the downward trend.
The Relative Strength Index (RSI), after peaking at 53.63, has declined to 42.38, moving towards oversold territory. This could indicate a strengthening bearish momentum or a potential pivot point if the market perceives AVAX as undervalued.
Looking ahead, #AVAX faces immediate resistance at $35.01 and a stronger barrier at $35.42. A breakout above these levels could encourage a bullish trend continuation, potentially targeting higher resistances. On the downside, support is found at $33.31 and further at $33.20. A breach below these supports might accelerate selling pressure, with $32.94 as an additional crucial level to watch. #BullorBear #TrendingPredictions
The full analysis and trade strategy were originally posted on ecoinimist.com.
