Generally, the cryptocurrency market is bearish at the moment, with coins like Avalanche (AVAX), Ethereum, Litecoin, XRP, Solana, and others all caught in this trend. Currently, the price of AVAX is on a strong bearish move below the 100-day Moving Average (MA) and could continue in that direction for a while before retracing.

Technical Indicators Suggest A Bearish Trend For Avalanche

Observing the chart from the 4-hour timeframe, AVAX has crossed below both the 100-day moving average and the trend line. This could mean that the price is on a downward trend. The MACD indicator on the 4-hour timeframe suggests a very strong bearish movement as the MACD histograms are trending below the MACD zero line.

Also, both the MACD line and MACD signal line are trending below the zero line. Given the formation of the MACD indicator, it shows that there is a possibility that the price will still move further downward.

Furthermore, the Relative Strength Index (RSI) also on the 4-hour timeframe suggests a bearish trend as the RSI signal line is trending around the oversold zone. Despite the potential of a retracement at this point, the price will drop more following this.

The alligator indicator is another powerful tool used to determine the trend of an asset. A look at the above image shows that both the alligator’s lip and teeth have crossed over the alligator’s jaw facing the downward direction. This formation suggests that the trend is bearish and that the price could witness a deeper decline.

What Could Happen Next

Based on the price’s previous movement, there are two major resistance levels of $50 and $59.99 and a support level of $39.95. As Avalanche is on a negative trajectory, if prices manage to break below the support level of $39.95, it could trigger a move further toward the next low of $27.53.

On the other hand, if the price fails to break below its previous low, it might start an upward correction movement toward the resistance level of $50.80. However, if it manages to break past this level, AVAX might move even further toward the $59.99 resistance level.

As of the time of writing, the Avalanche was trading around $38, indicating a decline of 1.75% in the last 24 hours. Its market cap is down by over 16%, while its trading volume has increased significantly by nearly 250% in the past day.

Featured image from Shutterstock, chart from Tradingview

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

A closely followed crypto trader is flipping bullish on Sam Altman’s identity-focused crypto project Worldcoin (WLD).

Pseudonymous trader The Flow Horse tells his 200,300 followers on the social media platform X that artificial intelligence (AI)-related Worldcoin appears like it could flip the $10 level into support.

He suggests that Worldcoin could also get a boost from the upcoming GTC conference hosted by Nvidia (NVDA), the leading provider of chips specially designed to train and run AI applications, which could increase interest in projects involved in the AI world.

“Six days until the NVDA conference [March 18 through 21] and WLD looks like this holding $10.”

Worldcoin is trading for $9.50 at time of writing, down nearly 7% in the last 24 hours.

Next up, the trader believes that Ethereum (ETH) competitor Solana (SOL) could soar more than 22% from its current value.

“Once SOL clears up $150-$160 zone, I think blue skies up until $200.”

Solana is trading for $163.81 at time of writing, up 10.5% in the last 24 hours.

Lastly, the trader thinks ETH competitor Avalanche (AVAX) has more upside potential after breaking the $50 level and experiencing high trading volume.

“Bought AVAX a little early before the drop. Unfortunately, I was out when we had the dip so couldn’t add.”

AVAX is trading for $54.24 at time of writing, up more than 29% in the last week.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A widely followed crypto trader believes that a trio of altcoins are gearing up for big moves to the upside.

Pseudonymous analyst Kaleo tells his 620,300 followers on the social media platform X that he’s bullish on the native asset of ORDI (ORDI), a crypto project that aims to bring non-fungible token (NFT) capabilities to the Bitcoin (BTC) blockchain.

The trader shares a chart that shows ORDI has broken above its diagonal resistance, suggesting that the coin is poised to start the next leg up.

“ORDI looks ready to absolutely rip.”

Last week, Kaleo said ORDI could rally on the back of BTC’s strength.

“Bitcoin looks primed for continuation higher as equities are continuing to print new all-time highs. Betting on BTC narratives seems like a no-brainer play here. Ordinals are going to play a huge role this cycle, and I’d be surprised if we don’t see the ORDI chart make another leg up.” 

Based on the trader’s chart, he seems to predict that ORDI will rise to a new all-time high of $130. At time of writing, ORDI is worth $68.23.

Next up, Kaleo says he’s keeping a close watch on the smart contract platform Avalanche (AVAX). According to Kaleo, AVAX is primed to rally toward its 2023 high after breaching its diagonal resistance.

“AVAX is about to rip back above $50, but you wouldn’t bullieve it.”

At time of writing, AVAX is worth $39.37, down about 5% in the last 24 hours but still above Kaleo’s resistance.

The last coin on the trader’s radar is the native asset of the decentralized exchange protocol THORChain (RUNE). Kaleo says RUNE looks bullish against Bitcoin (RUNE/BTC), and he sees the pair rallying to its highs at around 0.00049807 BTC ($24.64).

“RUNE/BTC looks similar with a high time frame breakout followed by a clean retest which looks ready to send back to the highs.” 

At time of writing, RUNE/BTC is trading for 0.00010475 BTC ($5.18).

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney