Bulls in Avalanche are waking up after a recent bullish reversal, but bears persist in the dominance of the market as prices fall by 0.84% to $13.14.
The increase in market capitalization and 24-hour trading volume of 0.15% to $3,948,826,013 and 7.81% to $160,194,195, respectively, assumes that the bulls have the upper hand in the AVAX market.
AVAX/USD 1-day price chart (Source: CoinMarketCap)
Bollinger bands are widening on the 15-minute price chart, and this movement is aided by an increase in 24-hour trading volume of 7.81%, inferring that a possible breakout is foreseeable. The upper band touches 13.27, while the lower band touches 13.09. However, price swings below the lower band indicate that bear influence may be on the way.
In the oversold region, the Stoch RSI reading of 0.00 admonishes investors that the current optimistic trend is nearing an end, and prices may regress lower. However, this is not certain and is only an alarm.
The MACD new fad into negative territory recently, with a reading of -0.01 and below the signal line, supports this bear supremacy forecast in the AVAX market.
AVAX/USD 15-min price chart (Source: CoinMarketCap)
The bearish crossover of the 5-day MA crossing below the 20-day MA also implies that the bears are capturing the AVAX market. The 5-day moving average is 13.09, while the 20-day moving average is 13.16. Price action below both moving averages indicates that the slump will persist.
The RSI reading of 41.56 and its upward motion give traders some optimism as it moves away from the oversold region. If the bull fights on, bear control may be reversed.
AVAX/USD 15-min price chart (Source: CoinMarketCap)
To subvert the bears and counteract the present situation, the bulls must uphold the resistance level and drive prices higher.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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Source: Cryptocurrency - investing.com
