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Avalanche price analysis: Positive strikes continue as AVAX surges 2.87%

Avalanche

TL;DR Breakdown

  • Avalanche price analysis is bullish today
  • AVAX/USD is facing resistance at $13.06
  • Support for AVAX/USD is present at $12.39

    Avalanche price analysis reveals that the cryptocurrency is currently trading at $12.86 after a slight increase of 2.87 percent over the last 24 hours. The market capitalization of the digital asset stands at $4,002,080,888, and the 24-hour trading volume is currently at $149,004,172. The Bullish momentum is the result of a strong win in recent trading sessions, with resistance levels at $13.06 and support levels at $12.39. 

    Avalanche price analysis 1-day price chart: Bulls stumble to keep control

    The 1-day Avalanche price analysis chart shows that the cryptocurrency is currently trading in an ascending channel. The digital asset has seen a strong rally over the last few days as it surged from $12.39 to its current price level. The upper limit of Bollinger’s band is present at $20.965, which serves as a resistance point for AVAX. Conversely, the lower limit of Bollinger’s band is currently at $13.217, which serves as another support point for AVAX.

    image 503
    AVAX/USD 1-day price chart, Source: TradingView

    The Relative Index Strength (RSI) indicator is currently at 52.50 which reveals that the market is neither overbought nor oversold. The 50-day simple moving average is currently at $13.4515, and the 200-day simple moving average is at $13.2180, which shows that overall market sentiment remains positive for the cryptocurrency.

    AVAX/USD analysis on a 4-hour price Chart: Latest development

    The hourly Avalanche price analysis chart reveals that the cryptocurrency has been following an uptrend for the last 4- hours. The bullish momentum may continue in the near term if the price can stay above the key support level of $12.39 and break through the resistance at $13.06.The market’s volatility moves in an upward direction, making cryptocurrencies increasingly vulnerable to abrupt changes at either extreme. . As a result, the upper limit of Bollinger’s band rests at $16.0936, serving as another support point for AVAX and the lower limit of Bollinger’s band is present at $12.6346, serving as a support point for AVAX.

    image 502
    AVAX/USD 4-hour price chart, Source: TradingView

    The 50-day simple moving average is also above the 200-day simple moving average, which indicates that overall market sentiment is positive. The Relative Strength Index is currently at 36.73, and a break below 36.73 could signal a price correction, which shows that overall market sentiment remains positive for the cryptocurrency.

    Avalanche price analysis conclusion

    The one-day and four hours Avalanche price analysis is indicating a bullish trend for the day as the price is on its way to recovery once again. The AVAX/USD value is now standing at $12.86 and it can be expected that further upside is coming ahead. The bullish momentum is likely to continue in the near term as the support level at $12.39 is holding strong so far, but it may be breached in case of a further increase in trade volume.

    Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
    Derrick Clinton

    Derrick Clinton

    Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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