It was on March 13, when the price of Avalanche (AVAX) ended up experiencing a dip. For a long time, the bulls had tried hard to keep the price of Avalanche within the uptrend. However, the efforts of the investors turned out to be stale as the bears were still able to demonstrate their high selling power.
This is exactly what the bears got to show on March 13, as they demonstrated high selling ability. This resulted in pushing the price of Avalanche down to the strong support zone.
Since then, the bears have overpowered the bulls with strong selling ability. They have been selling Avalanche on a high scale whenever the bulls make any attempt.
So far, the bears have managed to bring the price of Avalanche below the breakdown level. The bulls are constantly struggling to push the price of Avalanche to a higher mark but they are still pinned down by the bears.
Whenever the bulls make an attempt of pushing the price of Avalanche over the breakdown level, the bears meet them with strong selling power. This has resulted in keeping the price of Avalanche below the particular mark.
General Sentiments are Bearish about Avalanche
At the moment, the moving averages for Avalanche are supporting “strong sell” sentiments, while the oscillators are siding with “sell” sentiments. Therefore, the performance summary scale for Avalanche is pointing towards “sell” sentiments.
The relative strength index for Avalanche is at 40.48, which is also an indication of a bearish and downward trend. The ultimate oscillator is currently at 35.49, which further strengthens the negative sentiments and the negative trend for Avalanche.
What Would the Bears Attempt?
With the above sentiments in place, the bears feel much stronger in leading the trend and that’s exactly what they may attempt going forward. They may start selling Avalanche on a high scale to support the bearish trend, and force more investors to their side.
This would result in pushing the price of Avalanche down to the resistance stream, where the first low mark would be $63.24 per Avalanche. If the bears remain persistent with their selling, they may succeed in causing more drops in the price of Avalanche.
If the bears are in high spirits, the value of Avalanche may plummet to $54.92 per AVAX. If the bears continue showing more aggression towards the bulls, then the price of Avalanche may get pushed down to $51 per AVAX.
The Bullish Approach
Although the situation is much more difficult for the bulls, if they succeed against the bears in building up to buying power, Avalanche may rise to $75 per AVAX.
If the bulls are able to form a promising trend for AVAX, more investors may start siding with the bulls. The majority of the neutrals may tag along with the bulls in pushing its price higher. In such a case, the price of Avalanche may continue increasing and may reach the second high resistance mark of $86 per AVAX.
With more buying power going into the accumulation process, the bulls may pull the RSI and other technical factors to their favor. This may push the price of Avalanche all the way up to $100 per AVAX.