The price of Avalanche (AVAX) fluctuated during today’s erratic trading session. With a current ranking of #12 on CoinMarketCap, the cryptocurrency asset has displayed both positive and negative trends, indicating the current volatility of the market. The price of the Avalanche coin was $21.50 at the time of writing.

Avalanche is still a major participant in the crypto market with a trading volume of $291.7M and a live market cap of $8.71 billion during the past day. AVAX coins have a maximum supply of 715,748,719, and a circulating supply of 405,253,350.

Price Chart Analysis: A Session of High Volatility

The price chart for Avalanche (AVAX) reveals a session filled with significant ups and downs. However, this initial optimism was short-lived as the price saw a sharp decline, dropping below the $21.25 mark. This decline reached its lowest point just above $20.25, highlighting a steep drop in value.

Source: CoinMarketCap

The end of the chart shows a slight rise, with the price closing around $21.53. This performance underscores the volatility in Avalanche’s trading session, with significant dips followed by partial recoveries, indicating the challenges faced by traders during this period.

Technical Indicators: Bearish Signals Persist

The following technical indicators for Avalanche also paint a bearish picture of the cryptocurrency. The Moving Average Convergence Divergence (MACD) indicator placed beneath the price chart also indicates a bearish crossover.

This is when the MACD line goes below the signal line and indicates that the bears are likely to keep on driving the trend. Also, the MACD histogram is below the zero line which also supports the bearish view of the market.

Another important factor that has to be taken into consideration is the RSI, which stands for Relative Strength Index and is at the moment at 43.51 points, which is below the neutral level of 50. This placement suggests that Avalanche is in the bear territory though it has not reached oversold condition.

Source: TradingView

The RSI has failed to break the 50 level in previous attempts, which is indicative of weak bullish pressure. This technical analysis shows that Avalanche may still be under pressure unless there is enough demand in the market.

The post Avalanche Price Prediction September 7: AVAX Struggles Below $21.75, Can It Break Through Resistance? appeared first on Coinfomania.