Avalanche moves downwards after hitting the high of $30.78 as the token suppresses the up-trend line and declines. The AVAX token has been moving in a sideways channel between the price range of $30.78 and $13.64, as neither the bears nor the bulls can make any major price action.
The bearish candle closes below the trend line as the Avalanche value reduces significantly, showing a downtrend pattern. On August 30, the bulls tried to push the price upward as there was favorable volume but were unable to close above the recent highs. To avoid losses, make sure you read our AVAX price prediction before making any investment decisions during such consolidated momentum.
The Signal Line has been moving above the MACD Line, indicating bearish momentum for Avalanche. The AVAX token has already declined tremendously from when the MACD gave a bearish signal, and as the price of AVAX has turned from its resistance point, it may trade towards its support line of $13.64.
The AVAX crypto has recently entered the oversold zone. The RSI is 35, and the indicator line tilting downwards may be a continuation of the price reduction.
Avalanche trades at the current price of $19.66 shows that though the bulls are trying to push the price upside but are unable to, and like cryptos, AVAX shows a descending pattern. Strong price action can be expected once the token reaches the resistance or the support level and the price closes above or below it along with supportive volume.
The previous week’s candle shows a marginal price movement, but the bulls could not close the price above the high of the last 3 weeks, and Avalanche is continuing to move below the downtrend line.