Avalanche - [AVAXUSD

30 ส.ค.

Trend Analysis

• Long-Term Trend: The chart shows that AVAXUSD was in a downtrend from March to June 2024, characterized by lower highs and lower lows. The downtrend appears to have slowed down, with price consolidating and showing some bullish activity in mid-July to mid-August, but the recent candles suggest a continuation of bearish pressure.
  
• Short-Term Trend: The short-term trend has turned slightly bearish again after a small rally in mid-August. The price has fallen from around $27 to around $23.
  

Bollinger Bands Analysis

• Upper Band: The price touched the upper Bollinger Band in mid-August but has since pulled back.
  
• Lower Band: The price is currently moving towards the lower Bollinger Band, indicating potential support around this level. However, it hasn’t reached the band yet, suggesting that there could still be some downside.
  
• Band Width: The bands are relatively wide, indicating high volatility in the market.
  

Volume Analysis

• Volume: There has been an increase in volume during the recent sell-off, which suggests that the bearish momentum might continue. The higher volume on red candles compared to green candles also confirms the bearish pressure.
  

Support and Resistance Levels

• Immediate Resistance: The recent high around $27 acts as a strong resistance level.
  
• Immediate Support: The recent low around $17.28 is a key support level. If the price breaks below the lower Bollinger Band, it could test this level.
  
• Mid-Level Support: Around $20, the psychological level, could also offer some support.
  

Summary

• Bearish Outlook: The overall sentiment based on this chart is bearish. The price is below the 20-day moving average and is heading towards the lower Bollinger Band, with increasing volume during the down days.
  
• Next Steps: Watch for a break of the lower Bollinger Band for a potential further drop. Alternatively, a reversal and close above the 20-day moving average could signal a potential change in trend.