AVAX, the native cryptocurrency of the Avalanche Blockchain, is currently experiencing a significant price decline, having recently dropped from a high of $65. As of the latest data, AVAX ranks 12th in market value and has a total supply of 440,043,419 coins. Despite a substantial trading volume exceeding $396 million in the past 24 hours, the asset’s value has continued its downward trajectory, now hovering around $33.52, which represents a slight decrease of 0.22% from the previous day.
Indicators Predict Continued Downtrend
The broader cryptocurrency market’s bearish trend has influenced AVAX’s performance, pushing its price below the 100-day Simple Moving Average—a potential indicator of further declines. Technical analysis using the 4-hour MACD shows the MACD line crossing below the signal line, reinforcing the bearish outlook.
Potential Support and Resistance Levels
AVAX has established new resistance levels at $39.94 and $36.15, with a support level at $30.34. If the price breaks this support level, it may fall even lower, setting a new low. Conversely, a rebound from this support could lead to a rally towards and potentially above the $36.15 resistance level.
Practical Insights for AVAX Traders
- Monitor the 100-day SMA and MACD indicators for signs of further price declines.
- Keep an eye on the $30.34 support level; a break below could indicate a significant drop.
- Consider the potential for a rebound if AVAX remains above the key support level.
In summary, while AVAX faces downward pressures, key technical levels could provide traders with signals on the cryptocurrency’s short-term movements. Observing these indicators and levels may offer opportunities either for risk management or for capitalizing on potential price reversals.