Avalanche (AVAX) Price Dips; Will Bears Push it Towards $20?

Avalanche (AVAX), a layer 1 blockchain, is currently experiencing a bearish phase as strong market forces drive down its price.

Layer 1 blockchain Avalanche (AVAX) is encountering bearish market forces that are driving down its price. Recent market fluctuations have amplified this downward trend, with bears exerting strong influence on the trading environment.

Following a market correction, the token has experienced a clear decline as a result of the ongoing volatility in the broader cryptocurrency market. As these bearish conditions continue, traders and investors are closely monitoring AVAX for any signs of stabilization.

Crypto markets exhibited mixed movements on Friday, with Bitcoin rebounding above $68,000 amid global investor attention. At the same time, ETH continued its downward trend. Meanwhile, SOL and XRP gained traction by following Bitcoin’s upward momentum and aligning with the broader market upswing.

Avax Price Today: Will Bears Push it Towards $20?

Today, AVAX’s price is trading at $26.73, down by 3% over the last 24 hours and down by 7% over the past week.

The key resistance level is at $27, which is a crucial level for AVAX’s price movement. If the token manages to break out above this resistance, especially with higher trading volume, it could set the stage for a move towards the $30 target.

How Low Can AVAX Price Go?

The daily technical indicators for the Avalanche price show a bearish outlook. The Relative Strength Index (RSI) stands at 32, indicating possible selling pressure and nearing oversold conditions.

Moreover, the MACD (Moving Average Convergence Divergence) shows a bearish crossover, with the MACD line at -0.07 and the signal line at -0.35. The histogram also shows negative momentum, indicating that the selling trend may continue in the short term.]

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