Coin Edition -
- 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…
The post AVAX Bulls’ Hesitate as Bears Sweep Market Plummeting Price by Over 4% appeared first on Coin Edition.