AVAX price record losses for the third session in a row. In today’s session, price witnessed an increase in selling pressure pushing it towards the critical support level on the 50-day EMA. If the AVAX buyers fail to defend the key levels, more downside is possible in the short term.
AVAX price extends losses as it crosses the $90.0 demand zone. A drop below the 50-day EMA could push the price back towards $0.70. However, a quick recovery above $90.0 could force AVAX price to retest $100.0.
At the time of writing, AVAX/USD stands at $85.41, down 6.26% for the day. The 24-hour trading volume of the 10th largest cryptocurrency stands at $1,378,532,262 according to CoinMarketCap data.
AVAX price moves down
The price of AVAX is down 22% in the past week, indicating an increase in selling pressure. As the bulls failed to break through the $104.0 level which resulted in the current price action. Since then, the token has lost 35% and is currently showing signs of crossing the critical 50-day Exponential Moving Average (EMA) of $85.19.
Source: Trade View
In addition, the said level houses a demand zone, a breakdown of the zone will indicate the continuation of selling pressure and a further crash of the asset. In this scenario, the price could plunge straight to the crucial level of $70.0.
Rather, a shift in bearish sentiment could present a good chance of a recovery above the session high. If this were to happen, it would alleviate the prevailing bearish outlook.
If they move higher, the bulls may revisit the $100.0 psychological level. A consolidation above the stated level could be key to triggering another run-up above the near-term consolidation.
RSI: The daily Relative Strength Index fell sharply below the average line indicating downward pressure.
MACD: Moving Average Convergence Divergence is about to turn lower with bearish momentum advancing.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.
This post AVAX price low near 50-day EMA; Is $0.70 possible?
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