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At the time of writing, the price of AVAX was $14.70. It is currently trading near its immediate resistance at $15. A break above $15 has the potential to propel the altcoin towards $15.80 and eventually $16.
The participation of buyers in the market is important to generate demand and facilitate the upward price movement of AVAX. On the downside, if AVAX fails to hold its current price level, it could find support at $14 before a possible trade below that level. The trading volume of AVAX witnessed a decline in the recent trading session, indicating the dominance of sellers in the market.
technical analysis
Throughout May and April, AVAX experienced persistent low buying pressure, indicating limited demand for altcoins. The Relative Strength Index (RSI) was below the 40-mark, indicating that there was a higher presence of sellers than buyers at the time of writing.
Furthermore, the AVAX price declined below the 20-Simple Moving Average (20-SMA) line, indicating that sellers were the driving force behind the price movement in the market.
A significant move above the $15 price level would help AVAX cross the 20-SMA line, suggesting a possible change in momentum and potentially attracting more buying interest.
Although AVAX recently returned to the $14 price area, there are no clear signs of buying strength according to technical indicators.
The Moving Average Convergence Divergence (MACD) provides insight into price action. It only produced a green colored histogram, which does not necessarily indicate buy signals at this point.
The Bollinger Bands, which depict price volatility and volatility, remained wide, indicating that higher volatility in prices cannot be ruled out in the coming trading sessions.
Featured images from Unsplash, charts from TradingView.com
