Avalanche price analysis: AVAX unable to break through $124 resistance

Avalanche price analysis AVAX unable to break through resistance

TL;DR Breakdown

  • Avalanche price analysis is bullish today.
  • AVAX/USD is stuck at $124 resistance level.
  • Support is present at $119.5.

The AVAX price analysis is bullish for today, but despite the bullish momentum, the coin is finding it hard to move past the $124 resistance. The current bullish momentum started on 29th November but lost its energy on 30th November as the buying slowed down, which is the driving force behind it. However, today bulls again gathered some strength and took the AVAX price noticeably upwards, and now they are facing trouble at a $124 crucial resistance level.

AVAX/USD 1-day price chart: Bulls need more strength

The 1-day Avalanche price analysis shows bulls have covered an upwards range from $121 to $124 today will swinging as high as $127 at a point today. The AVAX/USD pair is trading hands at $124 at the time of writing, reporting an increase in price value by 3.94 percent. On the other hand, the weekly gain is quite low, accumulating to only 0.68 percent, the reason being the downward trend during the start of the week when AVAX was reverting back from its ATH at $135. AVAX’s trading volume has increased by almost 52 percent and the market cap by 5.93 percent over the last 24 hours.

Avalanche price analysis: AVAX unable to break through $124 resistance 1
AVAX/USD 1-day price chart. Source: TradingView

The volatility is high for the AVAX/USD pair as the Bollinger bands are expanded with the upper band at $138, which represents resistance level as the price is below this level, and the lower band is at the $85 mark. The mean average of the indicator represents support for the crypto pair at the $111 mark.

The relative strength index (RSI) is trading on a slight upwards slope, hinting at a little more buying activity, which started on 29th November in the market. The RSI is still in the upper half of the neutral zone, and for the coin to move above $124, the RSI needs to be near the borderline of the overbought region.

Avalanche price analysis: Recent developments and further technical indications

The 4-hour price chart for Avalanche price analysis shows that the coin spiked high after the price breakout upwards, but after 4-hours, selling pressure also kicked in as the resistance at $124 is strong, and AVAX needs more support for a breakthrough.

Avalanche price analysis: AVAX unable to break through $124 resistance 2
AVAX/USD 4-hours price chart. Source: TradingView

The volatility is increasing for AVAX/USD, The upper Bollinger band is now at $217, representing resistance for AVAX as the price trades below the upper band, and the lower Bollinger band is present at the $102 mark. The RSI curve is also downwards, indicating the selling pressure at the moment, as it travels down at index 60.

Avalanche price analysis conclusion

The Avalanche price analysis shows the coin is in bullish momentum, but bulls need more support to make a push through above $124 resistance. The 4-hour chart also shows high pressure at this time, but there are ample chances for AVAX bulls to get the required support in the coming hours, and the AVAX may start its journey above $124.

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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