Avex is the default utility token. avalanche Blockchain. This token currently ranks 12th by market capitalization, with a total supply of 440,043,419 AVAX and a total trading volume of over $396,250,098 in the last 24 hours. After the recent drop to $36.15, AVAX continues to decline.
Currently, the general cryptocurrency market is in a downward trend. This has brought AVAX price below its 100-day simple moving average (SMA) and the price may continue to fall in the coming days. At the time of writing, the price of AVAX is trading around $33.52 and is down about 0.22% over the last 24 hours.
Technical indicators pointing to a continued downward trend for AVAX
To get an idea of where AVAX price is headed next, you can examine the charts using the following indicators.
4-day MACD: A technical look at the 4-hour MACD indicator shows that the MACD histogram is trending below the 0 line and the MACD line and signal line have crossed each other while maintaining a trend below the 0 MACD line. It continues to decline. This can be seen in the image below.
4-Day RSI: In the image above, the formation of the Relative Strength Index (RSI) is seen as the RSI signal line moves above the 50% level and then falls below it, indicating a downward continuation movement. This means that sellers are still very active in the market, overwhelming the power of buyers.
Alligator Indicator: Looking at the 4-hour alligator indicator, we can see that AVAX is trading below the alligator line as both the alligator lips and teeth have successfully crossed over the alligator jaw. We can also see that the price attempted to move above the alligator line but failed, suggesting that the price may continue to move in a downward direction.
Coin May Form New Low
In conclusion, in the previous downward movement, AVAX formed two resistance levels: $39.94 and $36.15. level of support $30.34. AVAX is currently heading towards this support level, if it breaks above this level the price could fall further and create new lows.
Conversely, if the price fails to break this support level, it will begin an upward move towards the previous resistance level of $36.15. If AVAX breaks above this resistance level, the price may move further to test the $39.94 resistance level.
Featured image from Shutterstock, chart from Tradingview.com