Avalanche price analysis continues to be bearish, as price dropped another 2 percent over the past 24 hours to move as low as $15.87. AVAX has been in a successive downtrend since June 26, 2022, when price underwent a bullish run up to $21.89. Since then, Avalanche price has lowered more than 27 percent and a continuing battle between buyers and sellers has resulted in price becoming trapped in a narrow channel between $16.20 and $17.39. The coin is currently moving towards lower level of support at $10 and requires significant buyer impetus to breakout from the horizontal trend in place.
The larger cryptocurrency market continues to show bearish signs, with minor declines taking place across the board. Bitcoin is set at the $19,200 mark, whereas Ethereum is just afloat of the $1,000 point. Among leading Altcoins, Cardano dropped to $0.45, while Ripple recorded a minor consolidation to move up to $0.32. Dogecoin sits at $0.06, along with Solana at 32.95 and Polkadot at $6.82.
Avalanche price analysis: MACD curve shows impending negative cross on daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen trending along a descending triangle since June 26, 2022 and then stagnating into a sideways pattern on June 30. The narrow range for this pattern sits between $16.20 and $17.39 with major technical indicators showing bearish sentiment over the current trend. AVAX trading volume fell more than 24 percent over the past 24 hours, with the current price trending horizontally, which is also mirrored by a significant decline in the relative strength index (RSI) at 30.39.
Price sits below the crucial 50-day exponential moving average at $17.52 with the moving average convergence divergence (MACD) curve exhibiting a negative crossover in favour of the bears. Price is currently trapped within a consolidating phase over the 24-hour price chart with bears pushing price down to the lower level of the horizontal range. AVAX needs significant buyer input to recover and make a trend reversal, with first support currently set to be found at $13.3 and resistance at $22 in case a price reversal occurs.
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