Sloppy price action, declining volume: What’s next for AVAX?
rallied strongly over the past 24 hours to reach $30k before retracing to trade at $29.5k, as of press time.While AVAX’s market structure has been largely bearish, bulls have unsuccessfully tried to rally. The price reversal by bulls has been hampered by declining volumes which has led to lower prices.
The 12-hour chart showed a tightening of the Bollinger Bands which hinted at a strong upward/downward price move for AVAX. However, neither buyers nor sellers seemed to have the upper hand with indicators flashing mixed signals. Although the Relative Strength Index remained under the neutral 50, the Moving Average Convergence Divergence posted a bullish crossover, albeit a weak one. A shining light for bulls was the Chaikin Money Flow flipping positive with a reading of +0.05, highlighting growing capital inflows.
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