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Avalanche Price Analysis: AVAX/USD set to spike to $120 next

Tezos Price Analysis

TL;DR Breakdown

  • Avalanche price analysis is bullish today.
  • AVAX/USD s currently trading at $118.
  • Support is present at $110.5.

Today’s AVAX price analysis is bullish, but the currency faces difficulties moving past the $124 resistance despite the upswing. The current bull run began on November 29th, but buying slowed down on November 30th, responsible for its momentum loss. On the other hand, today’s bulls have amassed more strength and pushed the AVAX price significantly higher today, where they are presently encountering difficulty at a crucial resistance level of $124.

AVAX/USD price movement in the last 24 hours: Bulls are in control of the wheels

Currently, it appears that bulls are having difficulties pushing the price past the resistance at $124. If they can manage to do so, we can expect prices to continue upwards to our $135. Conversely, if they fail to break past this resistance, we may go lower until prices reach $119.5, which is where the current support lies.

Even though buying slowed down on November 30th, bulls didn’t lose their control over the market. Like today, last Wednesday’s prices were also relatively bullish until they hit resistance at the $124 level. On this day, however, its momentum was lost as bears took charge and pushed it downwards to where it is now. AVAX buyers seem to have more strength than sellers, who have difficulties pushing prices below the current support levels.

Avalanche Price Analysis: AVAX/USD set to spike to $120 next 1
AVAX/USD 1-day price chart. Source: TradingView

In addition to this bullish pressure from within, we have a sloping uptrend trendline maintained by our technical indicators, which strengthens our case for bulls has taken over the market. The RSI is currently at 63.467, and the Stochastic is heading upwards, both indicators signaling bullish momentum. The MACD lines are also positive and increasing in value, making a strong case for the bulls.

Nevertheless, a key resistance at $124 must be broken for prices to continue upwards and reach our target of $135. Bulls have managed to push prices significantly higher from where they were trading earlier this week, but they will need more strength to break through this final obstacle and achieve success.

Avalanche price analysis: Recent developments and further technical indications

The 4-hour price chart for Avalanche price analysis reveals that the currency skyrocketed after breaking out upwards. Still, selling pressure emerged after 4 hours as the resistance at $124 is robust, and AVAX requires more support for a breakthrough.

Avalanche Price Analysis: AVAX/USD set to spike to $120 next 2
AVAX/USD 4-hours price chart. Source: TradingView

The 4-hour chart for AVAX/USD shows a similar situation, but with a steady upward trend since the day began. Coinmarketcap reports that Avalanche has gained a value of 5 percent in price and almost 3 percent in market cap for this period. The trading volume has increased by almost four times its average daily amount present today alone.

Avalanche Price Analysis: Conclusion

The Avalanche price analysis indicates that the coin is in good buying power, but bulls will need further support to break through the $124 resistance. There’s a lot of high pressure on the 4-hour chart at this moment, but AVAX bulls should be able to get the necessary support in the next few hours, and the AVAX may resume its rise 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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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