Is AVAX/USDT Set for Further Declines? Key Support Levels to Watch
The #AVAX/USDT pair on Binance's 1-hour chart shows a bearish momentum after failing to sustain above key resistance levels. The price is currently trading below the 200-period moving average (MA), which is set at $25.30, indicating a bearish trend. The Volume Weighted Average Price (VWAP) is slightly below at $24.03, suggesting consolidation around this price level.
The Relative Strength Index (RSI) stands at 41.56, reflecting bearish momentum but not yet oversold, indicating potential for further downward movement. The Moving Average Convergence Divergence (MACD) histogram is below the zero line, with the MACD line below the signal line, signaling increased bearish momentum. This setup suggests that AVAX/USDT may continue its downward trajectory, potentially testing lower support levels.
On the 1-hour published chart, the price action shows a clear breakdown from a previous support level around $25. The chart indicates potential support around $22.23, which, if breached, could lead to further declines towards the $20.54 level or lower.
Conversely, if the price manages to hold above the $23 level, there might be a chance for a short-term rebound towards the immediate resistance at $25, although the overall trend remains bearish.
Disclaimer: The information provided in this analysis is for educational purposes only and should not be considered financial advice. Cryptocurrency investments are volatile and carry a high risk. Always perform your own research before making any investment decisions.
