After hitting an intraday high of $21.84, where strong resistance was present, the Avalance (AVAX) market’s bullish force is weakening. The AVAX price, valued at $21.24 at press time, has dropped by 0.04% as the bulls have given up, proving that the bears have the upper hand in the market.
As investors left the market in anticipation of more price drops, the market capitalization and 24-hour trading volume fell to $6,694,566,639 and $418,707,022, respectively.
AVAX/USD 24-hour price chart (source: CoinMarketCap)
The MACD line’s drop below the signal line at 0.3193710 on the 4-hour price chart indicates a bear catch. The MACD histogram further emphasizes the bear capture by demonstrating that the market is becoming bearish as the bar count becomes negative at -0.0613934 and continues moving further into negative territory.
The Relative Strength Index (RSI) is adding to the bear hold notion on the 4-hour price chart, with a value of 54.87 and going below its SMA…
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Source: Cryptocurrency - investing.com
