$AVAX /USDT Showing Sideways Movement After Recent High
Hey everyone,
Let's take a look at the $AVAX /USDT chart. The current price of Avalanche is at $21.06, showing a slight decrease of -3.48% today.
Looking at the last 24 hours, AVAX ranged from a Low of $20.97 to a High of $22.17. The 24h Volume stands at 1.74M AVAX, which is equivalent to 37.42M in USDT.
The chart indicates that after testing the upper Bollinger Band, the price has pulled back and is now moving sideways around the middle band. This suggests a decrease in the previous bullish momentum. The Bollinger Bands are narrowing slightly, which can sometimes precede a period of increased volatility.
Traders might be watching to see if AVAX can find support around the middle Bollinger Band or if it will break below, potentially heading towards the lower band. The MACD indicator at the bottom is showing a bearish crossover, which could suggest further downward pressure.
Key points to observe:
Resistance: The upper Bollinger Band and the recent high of $22.17 are the immediate resistances to watch.
Support: The middle and lower Bollinger Bands are potential support levels.
Indicator: The bearish crossover on the MACD suggests potential downward pressure.
What are your thoughts on Avalanche's current movement? Do you anticipate a further decline, or will it find support and resume its upward trend? Share your analysis!
