Avalanche price analysis: AVAX looks promising as traders cheer $55 resistance breach

Avalanche cash price analysis AVAX proves promising to the traders

TL;DR Breakdown

  • Avalanche token breaks the bearish streak.
  • Avalanche price analysis shows a 1.94 percent increase in value today.
  • The resistance level of $55.42 may get tramped over.

The current Avalanche price analysis shows promising signs for the investors. The price levels went up significantly last week to the $55.42 mark while a very volatile market for the crypto, still the trend line went high to a new level.

Bears showed good resistance and tried to get the lead, plunging the price down to $41.26 in two days, but bulls seem aggressive enough and are again on strike.

Last week proved surprisingly rewarding for the bulls when AVAX/USD touched the highest price level after February 2021, gaining a value of 33.01 percent over the previous two weeks alone. Currently, in the last few hours, an upward trend is again imminent in the altcoins and crypto market in general.

AVAX/USD 1-day price chart: Bulls getting the lead, leaving behind bears

The AVAX has successfully climbed above the $55 resistance in a sharp upmove. The bulls are in joy as the pair makes fresh strides towards new highs.

Avalanche price analysis: AVAX looks promising as traders cheer $55 resistance breach 1
AVAX/USD 1-day price chart. Source: Tradingview

Though bears tried to turn the upward trend effectively, but today, the moving average (MA) is just below the price level at the $46.22 mark giving hope for a bullish continuation.

Despite the unpredictable volatility as the upper Bollinger Band seems to be going past the $59 mark and the lower Bollinger Band is coming up to a $4.44 mark; however, making the Bollinger bands average at the $31.99 level, which seems encouraging enough. The relative strength index RSI score is also at the 71 figure.

Avalanche price analysis: Bullish momentum on the move

The 4-hour Avalanche price analysis chart shows bulls are coming in aggressively and savoring the lead. The price of AVAX/USD is at a level of $49.26 at the time of writing after the last bearish upset, which indicates a keen interest from traders in the AVAX.

Avalanche price analysis: AVAX looks promising as traders cheer $55 resistance breach 2
AVAX/USD 4-hours price chart. Source: Tradingview

The Bollinger bands’ values are as follows: the upper band is at $51.27, and the lower band is at the $41.13 mark. The moving average (MA) is at a $47.6 value. The RSI score is 56.6 and still on the upward trend, helping us understand that traders are still coming in for investment.

Avalanche price analysis: AVAX looks promising as traders cheer $55 resistance breach 3
AVAX/USD technical indicators chart. Source: Tradingview

The decisive trend for today is strongly bullish, as is approved by the technical indicators. By summarising the overall technical indicators, out of the 26 available to us, 15 are giving a buy signal and two at sell signal while nine stands neutral. Looking at the moving averages, 14 are at buying spot while zero is at selling spot and one neutral.

Oscillators show one signal at buying and two at sell position while 8 stand neutral; this may be because of the increased volatility and a significant last bearish slurp.

Avalanche price analysis conclusion

From the above Avalanche price analysis conclusion, we can assume that the bullish trend is gaining momentum despite the significant volatility. More and more buyers are approaching the market and taking the price up.

The resistance present at $55.42 may get crossed, and AVAX may get to a new high of its life if the Bullish outbreak grows steady by the support of buyers, as is seen in the last week.

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.

Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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