The price of Avalanche appears to be decreasing lately

The price of Avalanche cryptocurrency has been increasing, since October 2023 and it has seen a significant rise from $9.0 to $65.0 by March 18th, 2024. Avalanche has had a very positive six-month and three-month period, with gains of 316.03% and 4.58% respectively. However, in the last week and month, there has been a decline in the price by -15.84% and -30.41% respectively, indicating a strong downtrend.

However, Avalanche crypto has revealed a massive slump in price in the last couple of sessions and the price shows struggling signs of bulls and bearish dominance is extremely high. Contingent on seller's pressure, the massive drop could shatter more support and could target $35.0 and $28.0 support on the daily chart.

The price of Avalanche appears to be decreasing lately, following a sharp bearish pattern, as it broke below both the 20-day and 50-day EMAs' dynamic supports. This suggests that, based on the extent of selling pressure, there is a substantial likelihood of experiencing further drops.

Furthermore, the Avalanche crypto asset could accelerate this ongoing bearish trend, if the price slips more of its ground support, and coincidingly the MACD has started to decline abruptly from the zero line which is at -2.15 and has cut the signal line sharply from above.

Meanwhile, the RSI is at 32.70 and has moved lower after beating the 14-SMA from above like a falling knife, a push from the bear side could accelerate more deterioration.

AVAX Price Forecast

At the time of publishing, the Avalanche crypto is at $38.63 and shows an intraday decline of -1.83%.

Therefore, if the Avalanche crypto fails to maintain the $35.0 price level, the price could show a spectacular drop. However, if the price manages to show a resurgence, the price could break out coin the upside and reach $50.0, and $55.0.

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