AVA Drops Below $0.2146 Support, Triggers Enters Bearish Structure, Price Prediction To Fall: Analyst
The Travala (AVA) coin is experiencing market difficulties, a move that is set to cause token holders to experience decreased gains in their portfolios, according to a revelation disclosed by market analyst Crypto Patel.
Travala (AVA) is the native cryptocurrency of Travala, a blockchain-focused travel booking platform that allows users to access and pay for hotels and various travel services using the specialized digital token. The Travala platform, which operates on the Ethereum platform, enables people to book travel services with its cryptocurrency.
The AVA coin is currently experiencing consolidative movements, indicating decreased trading activity in its on-chain network. According to data from CoinGecko, AVA recorded a 0.3% pullback today, making its price currently stand at $0.2117. Its price has also been down23.6% and 35.9% over the past week and month, respectively, further indicating its current market slowdown.
Analyst: Travala Enters Bear Market
In his data posted today on the X social media platform, the analyst disclosed that Travala appears to be shifting to a bearish structure, not a temporary decline in a bullish trend. Based on his technical analysis, Crypto Patel found out that the cryptocurrency seems to be entering a bear market, which is attributed to a lack of on-chain liquidity and cautiousness among investors.
As per the analyst’s observation, the crypto currently trades below its long-term average (the 200-day moving average), showcasing its undervaluation due to negative market sentiment, a reason why it fails to recover despite strong fundamentals.
As reported by the analyst, AVA’s HFT (higher time frame) structure has turned bearish, as indicated by the downward slope of the MA line, which points out that the crypto’s momentum is further losing strength. This formation projects a continuation of a bearish momentum.
As illustrated in the analyst’s data, the asset has failed to break the $0.220 resistance and even falls below the $0.2146 support, with the bearish setup above showing that AVA’s price is destined to witness a greater fall towards the $0.1998 level soon, which is an upcoming drop.
The current price of Travala is $0.2111.
AVA’s Decline Is A Market Opportunity
Travala’s downtrend reflects the wider cryptocurrency market declines. Today, Bitcoin, Ethereum, and XRP trades $68,668, $2,005, and $1.41, down 12.30%, 11.86%, and 11.94% over the past week, respectively, an indicator of decreased on-chain liquidity as global investors shield themselves away from volatile assets due to cautious global macroeconomic concerns.
A sell-off of global equities amid geopolitical concerns is part of the catalysts for the ongoing crypto assets’ pullback. Despite gloomy outlooks in various cryptocurrency markets, including Travala and several others, historical data shows that such periods of price declines often provide exciting opportunities for patient investors and savvy traders to accumulate tokens at a discount.
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