Avalanche Price Analysis: AVAX at $52.6 support, lower prices to follow?

TL;DR Breakdown Avalanche price analysis is bearish for today.The price action was unable to break the resistance at $54.5.A reversal was followed, and now, the price is at $52.9.The nearest support is at 52.6 USD.Bitcoin, on the other hand, witnessed a price surge of 3 percent. Avalanche price analysis is bearish for today as the price action could not break the resistance at $54.5. We also saw that on 12th September, the cryptocurrency was unable to break the resistance at $62.6. A price drop followed this, and the cryptocurrency fell to 50 USD, and now, we can see that the cryptocurrency is at $52.9, which is just above the support at $52.6. According to the data by Coinmarketcap, the current trading volume of the cryptocurrency has dropped by 29.11 percent from yesterday. As for the market capitalization, the stats have dropped by over 1.43 percent. This indicates a bearish growth for the cryptocurrency, and therefore, lower prices are possible. It can also be seen that the cryptocurrency is not following Bitcoin’s movement for now as Bitcoin is up by over 3 percent. Bitcoin is currently at $46.5K after we saw a bullish divergence on the 4-hour chart. As for AVAX/USDT pair, we have witnessed three red engulfing candles, i.e., the selling pressure is gaining ground. In order to predict the movement of the market, we will also try to focus on the readings of technical indicators. Avalanche price analysis: Technic...