AVAX is the native utility token of the Avalanche blockchain. The token is at present ranked twelfth by market cap, with a complete provide of 440,043,419 AVAX and a complete trading quantity of over $396,250,098 within the final 24 hours. Since its current pullback at $36.15, AVAX has continued to maneuver downward.

At the moment, the overall cryptocurrency market is bearish. This has led to the value of AVAX dropping beneath the 100-day Simple Transferring Common (SMA) and the value would possibly proceed to drop within the subsequent couple of days. As of the time of writing, the value of AVAX was trading round $33.52 and about 0.22% down within the final 24 hours.

Technical Indicators Level Towards A Sustained Downtrend For AVAX

To determine the place the AVAX value could be headed subsequent, the next indicators can be utilized to look at the chart.

4-Day MACD: A technical have a look at the MACD indicator from the 4-hour timeframe, the MACD histograms are trending beneath the zero line, and each the MACD line and the Sign line crossed one another whereas trending beneath the MACD zero line, indicating a steady motion on the draw back. This may be seen within the beneath picture.

4-Day RSI: The formation of the Relative Power Index (RSI) within the above picture additionally suggests a downward continuation motion because the RSI sign line is seen to have moved above the 50% level after which dropped beneath it. This implies that sellers are nonetheless very a lot lively available in the market due to this fact overpowering the energy of patrons.

Alligator Indicator: A have a look at the alligator indicator from the 4-hour time body reveals that AVAX is trading beneath the alligator strains because the alligator lip and tooth have each efficiently crossed above the alligator jaw. It may also be seen that the value tried to maneuver above the alligator strains however failed to take action, suggesting that the value would possibly proceed to maneuver in its downward course.

The Coin Might Type A New Low

Conclusively, from the earlier downward motion, AVAX has fashioned two resistance ranges of $39.94 and $36.15 and a assist level of $30.34. At the moment, AVAX is shifting towards this assist level and if it breaks above this level, the value would possibly drop even additional to create a brand new low. 

Quite the opposite, if the value fails to interrupt above this assist, it’s going to reverse and begin an upward motion towards its earlier resistance level of $36.15. Ought to AVAX handle to interrupt above this resistance level, the value would possibly transfer additional to check the $39.94 resistance level.

AVAX is trading at $33.44 on the 1D chart | Supply: AVAXUSDT on Tradingview.com

Featured picture from Shutterstock, chart from Tradingview.com