AVAX Coin Price Analysis: Coin Price Turns Bearish; What’s Next?
- 1 AVAX coin price is trading below the demand zone on a daily time frame.
- 2 The AVAX coin price is bearish as it fails to hold the short term demand zone on a daily time frame, after forming a double top pattern.
- 3 The pair of AVAX/BTC is trading at the price level of $0.000649 with a decrease of -2.41% in the past 24 hours.
On a daily time frame, AVAX coin price is negative. The overall unfavourable trend in the cryptocurrency market appears to have had an impact on the price of the coin. Coin prices had a severe rejection at the supply zone due to recent bearishness, sliding back to the demand zone.
AVAX Coin Price Under Bearish Pressure
Source: AVAX/USDT by tradingview
The price of AVAX coin recently began to consolidate below the demand zone. On a daily time scale, the coin price is forming lower-lows and lower-highs. On a smaller time frame, the AVAX coin violated a crucial short-term supply zone, which triggered a bearish trend. The 100- and 50-day Moving Averages are currently under the AVAX coin price. Recent bearishness caused the 100- and 50-day MA to break down.
As the price of the coin rises, these MAs are observed to be strongly rejected. After failing to surpass the upper band, the coin price is currently stalled at the lower band of the Bollinger band indicator. As the price of AVAX coin dropped into the demand range, volumes increased.
AVAX Coin Price is Forming a Double Top Pattern on a Daily Time Frame
Source: AVAX/USDT by tradingview
The RSI curve is currently trading at the level of 53.48, having crossed the halfway mark of 50. Once the coin price breaks the supply zone, the RSI curve can be seen moving upward crossing the mark of 60, supporting the trend. The RSI curve has also crossed the 14 SMA downward indicating some bearishness before the further upwards movement. If the coin continues the fall below the demand zone, the RSI curve could be seen falling further.
AVAX coin price fell as it faces strong rejection in the supply zone. Until now, the coin price was continuously resting at the super trend buy line but recent bearishness led to a breakdown of the super trend line. As a result, the coin price fell and the super trend indicator triggered a sell signal. Moving upward, AVAX coin price can be seen facing strong bearish pressure while approaching the supply zone
The ADX curve has been falling over the past couple of trading days. The recent fall in the AVAX coin price is reflected in the falling ADX curve. As of now, AVAX coin price is consolidating below the demand zone, as the ADX curve turns upward. This could result in a halt in price movement and a possible change in it. If the coin price bounces off the long-term demand zone, the ADX curve can be seen rising up strongly, supporting the trend.
Conclusion: AVAX coin price fell below the demand zone on a daily time frame. AVAX coin price is forming a bearish chart pattern. It remains to be seen if the coin price will bounce off the long term demand zone or break it and fall. Investors should wait for a clear signal to act.
Support: $14 and $15.80
Resistance: $20 and $22.34
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.