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Avalanche price analysis: AVAX to retest $88.6 resistance, as bullish momentum reignites

Avalanche price analysis AVAX to retest resistance as bullish momentum reignites

TL;DR Breakdown

  • Avalanche price analysis is bullish today.
  • Support is present at $78.8.
  • Resistance for AVAX is found at $88.6.

The Avalanche price analysis shows bullish momentum as the price is on the rise today. After hitting an all-time high at $91 on 8th November, the price of the coin has not fallen much and continues to trade near the peak price. Bulls had almost recovered yesterday’s loss when bears deflated the price to $84.6, and further improvement is also expected.

Overall the crypto market has been bearish for the past 24 hours, as most of the top altcoins report losses, along with Bitcoin and also Ethereum, which is bullish today but still at a loss of 1.3 percent. However, MANA and CRO report gains of 20 and 12 percent, respectively.

AVAX/USD 1-day price chart: Bulls leading the charts

The 1-day Avalanche price analysis shows that the bullish momentum has brought the price up to $87 at the time of writing, targeting $88.6 next, which is the next resistance level. The AVAX has gained a value of 5.4 percent over the last 24 hours and around 15.55 percent over the course of the last seven days. The trading volume has increased by 4.7 percent, resulting in market dominance of 0.7 percent.

Avalanche price analysis: AVAX to retest $88.6 resistance, as bullish momentum reignites 1
AVAX/USD 1-day price chart. Source: TradingView

The volatility for AVAX is also increasing as the Bollinger bands are widening up with the upper band at the $95.5 mark representing technical resistance for AVAX, and the mean average of the Bollinger bands is present at the $75.4 mark representing support for the AVAX/USD. The price has also moved past the moving average (MA) today, which is also a bullish crossover.

The relative strength index (RSI) is trading at index 64 near the over-bought limit on a humble slope, giving a hint for comparatively more buying activity.

Avalanche price analysis: Recent developments and further technical indications

The 4-hour Avalanche price analysis shows the price, after breaking upwards today, continued covering range upwards for the first eight hours, but selling pressure emerged as the price peaked at $87.9, and since then, the price has stepped down to $87.

Avalanche price analysis: AVAX to retest $88.6 resistance, as bullish momentum reignites 2
AVAX/USD 4-hours price chart. Source: TradingView

The volatility on the 4-hour chart is slightly high, but the Bollinger bands show signs of convergence, especially the upper band show more convergence downwards. However, the mean average of the Bollinger bands at $87.1 is found just above the price level representing resistance for AVAX. The RSI also shows a downwards trend indicating the selling activity which currently started.

Avalanche price analysis conclusion

The Avalanche price analysis shows the cryptocurrency value has improved today to a good extent. As the price was on the rise for the last 16 hours, so a slight correction is not unnatural. We expect the AVAX to continue upside in the coming hours. Breaking out to a record high is also not out of the question today, but the AVAX may go near the $89 range in the coming hours.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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