- 1 The Avalanche asset is bearish and has more room to fall as it drops below major 20 and 50-Day trend EMAs.
- 2 The AVAX crypto experienced a drop of 3.17% in the last 24 hours, trading at $30.19.
Avalanche is a blockchain architecture that offers high scalability, security, and decentralization. It overcomes the issue of high gas fees that existing blockchains face by dividing its operations into three separate blockchains.
AVAX network has three chains such as X-Chain: which mints and trades AVAX tokens and other assets, C-Chain: which executes smart contracts and hosts dApps, and P-Chain: which manages validators, subnets, and network monitoring.
Avalanche separates functions into different blockchains to balance decentralization, scalability, and security. This reduces gas fees and improves network performance.
The Avalanche crypto had a remarkable comeback as the price recovered from a key level of around $10 on the charts.
The AVAX asset has revealed a bullish uptrend structure on the daily chart and it climbed higher. It rose 172.49% last quarter, implying a consistent upward movement.
However, the AVAX crypto had displayed a sign of decline earlier when the price fell from a critical level of around $50 on the charts.
The Avalanche crypto is set for a dismal plunge, as it fails to break the resistance level and sinks to new lows by breaking previous swing lows, and declining along the downward trend line steadily.
AVAX Crypto Price Action on the Daily Time Frame
The AVAX crypto asset is showing bearish features and could lose more value. It has demonstrated poor performance in the past week, and past month, by 16.34% and 37.52% respectively, indicating a reliable downward trend.
Source: AVAX/USD: COINBASE.1.D. by TradingView
The AVAX crypto recorded a drop of 3.17% in the last 24 hours, trading at $30.19. Therefore, if the AVAX crypto price fails to stay above the $25 level, it could decline further.
However, if the demand for the AVAX crypto rises, the asset price could bounce back from the current level and could break the trendline as well. The next goal for the price is to reach $35.
Source: AVAX/USD: COINBASE.1.D. By TradingView
The Avalanche asset is bearish and has more room to fall as it drops below major 20 and 50-Day trend EMAs.
AVAX is displaying bearish characteristics as the MACD is at -1.83 with a bearish crossover. Meanwhile, the RSI is at 37 is falling smoothly, implying that the Avalanche asset is losing momentum and could seek new depths.
Summary
The AVAX crypto asset is showing bearish features and can lose more value. It has demonstrated poor performance in the past week (16.34%), and past month (37.52%).
Therefore, if the AVAX crypto price fails to stay above the $25 level, it could decline further.
Technical Levels
Support Levels: $25
Resistance Levels: $35
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
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