Avalanche (AVAX) Crypto Treading a Downward Spiral, Death Cross Pattern Emerges

The price of the Avalanche crypto has been consistently declining over the last few months, and following the last 24 hours, the price has declined by 5.17%

Avalanche (CRYPTO: AVAX) price showed a decline of 5.17% in the last 24 hours, with a last trading price of $24.0.

In the last 24 hours, crypto derivatives trading volume went up by 24%.

What happened: AVAX price went down by 5.17% in the last 24 hours. This comes as a downturn in crypto prices continues, with most major coins showing losses in the last 24 hours.

In the last 24 hours, crypto derivatives trading volume has shown an increase of 24%. This comes as the total crypto market cap also saw a slight uptick in the last 24 hours.

According to CoinMarketCap data, the total crypto market cap now stands at $1.24 trillion, up by 0.11% in the last 24 hours.

In the last 24 hours, the crypto trading volume also saw a surge of 25%, bringing the total crypto trading volume to $423,323,344.

AVAX technicalsAccording to technical traders, a death cross occurs when a short-term moving average crosses below a long-term moving average, typically the 50-day and 200-day EMAs.

This pattern is often interpreted as a bearish signal, indicating a sustained downtrend in the asset's price.

In the case of AVAX, a fresh death cross can be observed on its daily chart, with the 50-day EMA (light blue) trading at around $48.70 and the 200-day EMA (dark blue) at around $52.80.

Following this technical indicator, the crypto price has also sustained below both the mentioned EMAs on the daily chart, indicating a strong declining momentum in the crypto.

This is further supported by the MACD, which is trading in a death cross and also declined to a negative trajectory.

The histograms on the daily chart also support the bears as bearish histograms are formed on the crypto’s 1-day chart.

The RSI also declined below 30, indicating strong declining momentum in the AVAX crypto price. It further sustained below the 14-day SMA on the charts.

Important levels to watch: A break above the $42.00 level could signal a strong upward surge in AVAX price.

Sustained trading above this key resistance point may lead to considerable gains in the cryptocurrency's price.

On the lower end, immediate support for AVAX is seen at the $22.00 level. If prices continue to decline below this level, the next support zone is located at the $18.50 level.

Here's a look at the AVAX price over the last five days.

AVAX price over the last 5 days. Price Feed

News source：https://www.kdj.com/cryptocurrencies-news/articles/avalanche-avax-crypto-treading-downward-spiral-death-cross-pattern-emerges.html

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