Avalanche Technical Tools And Performance Analysis

4月30日

AVAX, the cryptocurrency of Avalanche, is facing resistance at $35 and has shown resilience despite market turbulence. It has declined by 6.18% in the past 24 hours and has a market capitalization of about $12.58 billion, placing it at the 12th position among cryptocurrencies. This decline in market capitalization indicates a decrease in interest in Avalanche, although the broader market has also been challenging.

Avalanche Crypto Daily Chart Overview
On the daily chart, Avalanche's price structure shows a battle between the bulls and the bears.
During the first week of November 2023, the bulls had the upper hand and drove the price up from the demand zone at $11.0 to $65.0 by March 18th, breaking through resistance levels at $27.0 and $50.0 along the way.
However, after reaching the top supply zone, Avalanche's price began to deteriorate, plummeting from a crucial level of around $65.0 on March 20th, 2024.

Following the declining wedge, the AVAX crypto suffered a significant plunge after touching the resistance supply level and fell to lower levels.

Avalanche Technical Tools And Performance Analysis
Despite a significant decline, the AVAX asset still shows bearishness and falling capacity as it slides below the considerable trend in the 20-day and 50-day EMA bands. If sellers continue to surge, the drastic decline could extend even more.
MACD is below the zero line in a bearish domain, and the RSI is falling steadily at 36.17, indicating that the AVAX asset is not gaining steam and can continue to drop lower.
The AVAX asset reveals bearish signs and may sink even lower, with negative price performance recorded in the previous week and month at -14.64% and -36.81%, respectively, indicating a steady downward trend.

AVAX Price Levels to Watch
Breaking above the resistance level of $35.50 could potentially pave the way for AVAX to reach higher resistance around $40.00. On the other hand, if the token falls below the support level of $30.00, it may face pressure to drop even further to the lower level of $25.00, which introduces risks of additional declines.
Traders need to monitor the key resistance and support levels since a breakout or breakdown could influence the short-term market direction, defining the potential movement boundaries for Avalanche.