- Bulls in AVAX backtrack after hitting resistance at $20.76.
- The AVAX market finds support around $19.19 throughout the slump.
- Indicators imply that bear strength is increasing.
Bulls in the Avalanche (AVAX) market have retraced recently after encountering resistance at the intra-day high of $20.76. However, as of press time, bearish momentum persisted in the AVAX market, effectively lowering the price by 4.38% to $19.70. The bears’ performance in the AVAX market was due to a lack of purchasing demand and increased selling pressure, both of which pushed the price down.
During the downturn, market capitalization, and 24-hour trading volume declined by 4.47% and 3.05%, respectively, to $6,206,085,709 and $304,863,545. Despite the selling pressure and downward momentum, the bulls were able to limit their losses as the AVAX price hit support around $19.19, barring it from plunging any lower.
AVAX/USD 24-hour price chart (source: CoinMarketCap)
The AVAX market is now trading inside a relatively tight range, with upper and lower Bollinger bands of 20.8903101 and 19.3600848, respectively, indicating that the AVAX market is highly volatile and susceptible to pric…
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