- Avalanche’s price outlook displays a bearish picture.
- Prices plunged towards the $37 mark.
- AXAX’s support sits at $36.4.
Avalanche’s (AVAX) price outlook favors bears as it noted another drop within the past day. The market has maintained bearishness since May 5, 2022. The previous 24 hours saw AVAX at a loss again as bears stopped the token from overcoming $44.2 by flipping Tuesday’s bullishness in the preference. That saw the altcoin dipping to $37.8.
AVAX/USD 1-Day Timeframe – Price Plunges to $37.8
The one-day price chart shows AVAX on downtrends today. The altcoin traded at $37.8 at this publication, following a steady decline since yesterday. The previous 24hrs saw Avalanche dropping 20%, while it stayed 37.7% down within the past week.
Also, the trading volume plunged by 5.96%, whereas AVAX’s market capitalization lost 20.85% in a day, limiting the token’s market dominance at 0.73%.
Furthermore, volatility maintained upticks, another pessimistic signal amid the current condition. The Bollinger band’s upper limit stands at $81, while the lower one stays at $39.
The lower band represented the token’s support, but Avalanche dropped beneath the foothold. The RSI dips further into the undersold territory at 25. The indicator confirms massive pressure as selling activity escalates within the marketplace.
More Technical Indications and Latest Developments
The 4hr chart shows AVAX’s support at $36.4 as Avalanche started recovering following downswings that dominated for around 20 hours. However, declines were intense before the foothold emerged, deteriorating the token drastically. Nevertheless, the bullish arrival pushed the alt towards $38.
Volatility remained high, meaning recovery chances could emerge in the upcoming hours. The Bollinger has the upper value at $56.7, while the lower reading represents AVAX support at $37.1. The Relative Strength Index recovered from 23 to index 27 amid reestablished buying process.
Avalanche sees its price moving down again, as the 4hr and 1-day charts confirmed. Today’s decline emerged as bears dominate the broad market. Bearish trend controlled Avalanche within the previous 20 hours before bulls appeared recently. Meanwhile, selling momentum returning will drag the crypto towards the $36.4 support.
Stay tuned for upcoming market news.