• Avalanche price presents a bearish picture.
• Price declines beneath $30, currently at $27.93.
• AVAX’s support stands at $23.55.

Avalanche outlook paints a bearish outlook as early hours on Thursday saw AVAX exploring the $26.85 lows. The broad market sustains a pessimistic picture, with AVAX/USD losing 23.5% in 24 hours.

Meanwhile, the alt secured temporary support at $30, but sellers breached the level within no time. For now, the prices hover at $27.93, whereas the nearest support floor stands at $23.55.

For now, bears prevail in the market as trends remain negative, with the trading volume dropping to $2,577,165,146. Meanwhile, the broad crypto space sees turmoil as most assets record severe plummets. Bitcoin stays beneath $30,000 while Ethereum stays beneath the $2,000 value area.

AVAX 1Day Timeframe – Markets Highly Favor Bearishness

The one-day chart reflects extended downtrends as bears tighten their teeth on the marketplace. The alt created a descending triangle setup, a bearish continuation formation. Also, the price affirms pessimistic actions as it remained beneath the MAs. The RSI and MACD support the bearish thesis as they dipped into the oversold area.

The 22hr chars show low volatility as the BB contracted. AVAX could discover support near $23.55, and breaching the level will push it to the footing at $21.50. However, buyers’ resurgence will meet the initial resistance at $29.

Avalanche 4Hr Timeframe: AVAX/USD Tests $28

Also, the 4hr chart confirms a bearish edge. The token suffered declines as all assets in the crypto space tumbled. AVAX tested the value at $28, and breaching the level will expose the $26 support. The MACD stays in a bearish region while the Relative Strength index supports the bearish case by dipping into the oversold territory.

Market volatility remains low as the Bollinger Bands contract. The lower limit stayed at $27.93, while the topside band was near $29.18. The current market conditions will likely see AVAX breaking lows.

Final Thought

Avalanche exhibits bearish tendencies today as the price appears stuck within a descending triangle formation. The marketplace remained highly bearish as AVAX/USD declined beneath $30 to trade at $27.93.

The market outlook favors bears, as the RSI and MACD show. Meanwhile, volatility stayed low, supporting further price declines. The closest support stands at $23.55, under which AVAX will discover footing at $21.50.