- Market research of AVAX prices reveals a negative momentum.
- Indications lean toward the bear’s dominance lasting for some time.
- Bears gain ground as AVAX bulls retreat from $21.84 in resistance.
After hitting an intraday high of $21.84, where strong resistance was present, the Avalance (AVAX) market’s bullish force is weakening. The AVAX price, valued at $21.24 at press time, has dropped by 0.04% as the bulls have given up, proving that the bears have the upper hand in the market.
As investors left the market in anticipation of more price drops, the market capitalization and 24-hour trading volume fell to $6,694,566,639 and $418,707,022, respectively.
The MACD line’s drop below the signal line at 0.3193710 on the 4-hour price chart indicates a bear catch. The MACD histogram further emphasizes the bear capture by demonstrating that the market is becoming bearish as the bar count becomes negative at -0.0613934 and continues moving further into negative territory.
The Relative Strength Index (RSI) is adding to the bear hold notion on the 4-hour price chart, with a value of 54.87 and going below its SMA line. With the RSI now below 50, indicating further price decline is likely, this change in momentum favors the bears.
A rating of -0.0058307 for the Bull Bear Power (BBP) indicates that bears have recently gained the upper hand in the market. Short-term tehnička analiza has become negative due to this shift, suggesting that the present bearish trend may persist. Consequently, additional price drops are probable, given the current RSI and BBP readings.
The Aroon up indicator slips below the Aroon down indicator, signifying the bear’s tenacity, with readings of 14.29% and 57.14%, respectively. The aroon up indicator reading of 14.29% suggests that prices are going downward, and the aroon down indicator reading of 57.14% indicates that the bears are likely to maintain their dominance in the short term if bulls do not intervene.
This bearishness is supported by the stochastic relative strength index (RSI), which is now at 5.95 and sliding below its signal line, suggesting that negative momentum will likely continue for some time. Being a solid indicator that the bear rule in the present market is still in place, prices are likely to continue under negative control for the foreseeable future until bulls make a dramatic move and push prices upward.
According to the indicators, the bears now control the AVAX market, and the current downward trend may continue.
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Source: https://coinedition.com/bears-capture-avax-market-after-bulls-fail-to-breach-21-84-resistance/