For a while, the bulls had gone through the trouble of keeping Avalanche (AVAX) over the $80 mark. For more than 30-days, the bulls kept going back and forth against the bears in an attempt to push Avalanche over the $85 mark.
However, the bears managed to show that they had the upper hand in driving the price of Avalanche into the lower direction. This is exactly what the bears did in the past 7-days, as they increased the selling power for Avalanche creating an 8.11% dip.
The bears haven’t stopped making their effort even in the past 24-hours, as they have dipped the value of Avalanche by 2.97% in the past 24-hours.
As the situation of the entire cryptocurrency market is generally bearish, Avalanche is also feeling the heat from the particular trend.
At the time of writing, the AVAX/USDT pair is trading at $74.96 per AVAX, which means that the bears still have the lead. They have successfully maintained their selling pressure and have continued pressuring the bulls to keep AVAX at this figure.
Current Sentiments of Investors
As of now, the sentiments of the investors are leaning towards the bearish trend, which is evident from its summary scale. The scale is pointing towards the “strong sell” sentiments of the investors. This means that the investors may lean towards selling Avalanche rather than accumulating it.
Even the moving averages and the oscillators are pointing towards “strong sell” sentiments. When it comes to the relative strength index, it is also traveling at 43.67. This means that Avalanche in general is bearish and its price may continue dipping in the upcoming days.
Avalanche May Dip to $48.30
With the above sentiments of the investors in mind, if the sellers keep up with their selling activities, then Avalanche may continue falling lower. At the moment, the sellers are attempting to bring Avalanche below its strong support line, which is at $69.51 per AVAX.
The bulls may attempt to increase their buying power to fight against the bears, but the current sentiments would work in favor of the sellers. Therefore, the price of Avalanche may continue sinking and the next dip it may face would be $61.41 per AVAX.
Going forward, if the selling for Avalanche is intensified, then the value of Avalanche may fall even deeper. The data suggests that with increased selling power, the bears may move Avalanche down to $48.30 per AVAX.
Avalanche May Rise to $94.09
Despite the current bearish trend, if the bulls gain the opportunity of increasing their buying power against the bears, they may target $82.62 per AVAX. Doing this would move the RSI closer to the midline and oscillators and moving averages may also become neutral. From there, the buyers may increase their buying potential to push Avalanche up to $94.09 per AVAX.