Avalanche Price Prediction: AVAX Price Subdued Near 50-Day EMA; Is $0.70 Possible?

AVAX price record losses for the third session in a row. In today’s session, the price witnessed an increase in selling pressure that pushed it toward the critical support level at the 50-day EMA. If the AVAX buyers failed to defend the key levels more downside is possible in the short term.

• AVAX price extends the losses as breaches the $90.0 demand zone.
• A fall below the 50-day EMA could revisit the price toward $0.70.
• However, a quick recovery above $90.0 could send AVAX price to retest $100.0.

As of press time, AVAX/USD reads at $85.41, down 6.26% for the day. The 24-hour trading volume of the 10^th largest cryptocurrency holds at $1,378,532,262 as per the data given by the CoinMarketCap.

AVAX price moves downward

AVAX’s price has dropped 22% in the past week, indicating an increase in selling pressure. As the bulls failed to breach the $104.0 level that resulted in the current price action. Since then, the token has lost 35% and is currently showing signs of breaching the critical 50-day EMA (Exponential Moving Average) at $85.19.

Furthermore, the mentioned level harbors a demand zone, a breakdown of the zone will indicate the continuation of selling pressure and a further crash in the asset. In this scenario, the price could dive straight to the crucial $70.0 level.

On the contrary, a shift in the bearish sentiment could produce a good chance of a recovery above the session’s high. This if happens would alleviate the prevailing bearish outlook.

On moving higher, the bulls could revisit the psychological $100.0 level. A consolidating above the mentioned level might be a key in triggering another run-up above the short-term consolidation.

Technical indicators:

RSI: The daily Relative Strength Index slipped sharply below the average line indicating the downside pressure.

MACD: The Moving Average Convergence Divergence is poised to move lower with the advancement of bearish momentum.