Avalanche (AVAX) Drops Under $16 Following Rejection at $17 – Price Analysis

Briefly –

  • AVAX price outlook reveals downside tendencies, eyeing the $15 mark.
  • The nearest support zone stands at $15.5.
  • Avalanche encounters resistance at $16.3.

Avalanche price analysis shows the alternative token indulged in downside actions after encountering the massive resistance at $17, sliding beneath the $16 mark. For now, price volatility remains low, though bearish momentum is surging as AVAX battles to secure support.

The overall crypto spectrum recorded bearish actions within the past 24 hours, with leading cryptos recording plunges. The altcoin market continued to take a massive hit, with most alts losing crucial price points.

Avalanche Declines Below $16

The MACD presents some bullishness with histogram flash green. Nevertheless, the indicators confirm a faded bullish strength as the green color dominated a short histogram height. Moreover, MACD’s lighter shade indicates a plunging bullish strength, with prices falling beneath $16.

The Exponential Moving Averages move beneath the mean level as price actions within the previous week remained pessimistic. Nevertheless, the brief bullish activity saw the EMA turning towards the mean position as the 12EMA took the lead. Meanwhile, the recent hours saw the EMAs’ upward slope declining, with the two exponential moving averages starting to converge.

The Relative Strength Index dipped inside the oversold territory on 13 June before moving back to the neutral territory, with prices consolidating near the $0.5000 level. The indicator stayed beneath the neutral 50 at this publication, hovering around 40.84, bearishly traversing horizontal actions. The current RSI position leaves chances of volatile moves in either direction, whereas the prevailing slope confirms faded pressure from the marketplace.

The Bollinger Bands remained narrow until 10 June. However, it took a divergence as AVAX price action saw immense volatility. For now, the indicator highlights a narrow channel, with prices consolidating near the $16 level.

What Next for AVAX Price

Avalanche bulls attempted an upside move but met obstacles at $17 amid surging selling strength. That drove AVAX’s price beneath the $16 level, and bears seem prepared for more crashes. Investors can expect a downward move to $15. Moreover, mid-term technicals support such actions, highlighting massive bearish dominance. Failure to protect $15 would welcome plummets to $14.

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