Avalanche's price (AVAXUSD) declined in the latest intraday trading after encountering resistance from the 50-period simple moving average. The cryptocurrency remains under the influence of a short-term corrective bearish wave, with a negative divergence beginning to form on the Relative Strength Indicators. These indicators have entered heavily overbought territory, showing exaggerated levels compared to price action, as negative signals begin to emerge.

Therefore, we expect the price to decline in the upcoming intraday sessions, as long as resistance remains firm at $23.15, targeting the support level of $20.60.

Todays price forecast: Bearish.