AVAX Fluctuating between $25.44-$31.14 – Technical Analysis
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AVAX Fluctuating between $25.44-$31.14 – Technical Analysis

February 26, 2021      Ankita Awasthi

The opening price of Avalanche (AVAX) was $41.04 on February 19, 2021. As of February 25, 2021, the closing price of AVAX was $26.70.  The AVAX price has plummeted by approximately 35% in the past week.

In the last 24 hours, the AVAX price has fluctuated between $25.44-$31.14.

AVAX Price Analysis

https://www.tradingview.com/x/KBV6mn56

Days Ahead for AVAX

Currently, AVAX is trading at $26.26. The price has dipped slightly from the opening price of $26.77. Since morning, the price has been trading below the SMA line. Thus, the market doesn’t look healthy.

The OBV indicator has fallen steeply. Thus, selling pressures are very high. High offloading activity will exert downward pressure on the AVAX price.

At present, the RSI indicator is at 52%. An hour back, the RSI had fallen deeply in the ‘oversold’ region indicative of immense selling pressures. Thereafter, it has rallied to the current level. However, the selling pressures are still in control of the market. Thus, the price will struggle to go up.

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The MACD and signal lines are negative too. Thus, the market momentum is bearish. A bullish crossover by the MACD line over the signal line, however, indicates price corrections in the market. Thus, the price may go up before falling again.

In the past 24 hours, the ADX indicator has steadily fallen. Thus, the market momentum is not positive. The bears are stronger than the bulls. Thus, we can expect AVAX to close at a price lower than the previous closing price.

AVAX Price Analysis

The current price is below the Fibonacci pivot point of $27.76 and inching closer to the first Fibonacci pivot support level of $25.58. By the end of the day, the price may fall below the subsequent support levels of $24.23 and $22.06, respectively.

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The price has tested and fallen below the 23.6% FIB retracement level of $26.78. It may close below the 23.6% FIB extension level of $24.09, by the end of the day. As the downtrend is strong, the bear-run is expected to continue tomorrow as well.

#Avalanche #AVAX
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.