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Avalanche price analysis: AVAX to retest $97 resistance. Can bulls push through?

Avalanche price analysis AVAX to retest resistance Can bulls push through

TL;DR Breakdown

  • Avalanche price analysis is bullish today.
  • Support is present at $91.5.
  • Resistance for AVAX is present at $97.4.

The Avalanche price analysis is bullish for today as the price is on the rise for today as well, following the bullish move of yesterday. Overall, AVAX has been on the decline for the last two weeks after hitting ATH at $135 on 22nd November. The recent bullish momentum started yesterday when bulls took control over the price function, after a great battle with bears, as the overall market was bearish throughout.

Even though yesterday’s price breakout was also downwards but bullish support came in later in the day, and thereon the coin is covering range upwards. It’s been 24 hours for the price to continue upside. The next resistance for AVAX is present at the $97.4 mark, and AVAX is feeling the pressure quite earlier.

AVAX/USD 1-day price chart: Bulls to get more support for a breakthrough

The 1-day price chart for AVAX price analysis shows the bulls have made more recovery today. The price movement is upwards, and as a result, the AVAX value has reached back to the $95.52 position. This is a positive sign for the crypto pair as the coin devalued critically earlier due to the downswing. The price is still trading below the moving average (MA) value which is present at $105. However, the relative strength index (RSI) curve is showing some not so promising results as the curve is almost flattening out, hinting at decreasing bullish momentum, or either the bearish elements are stepping in, giving fierce competition.

Avalanche price analysis: AVAX to retest $97 resistance. Can bulls push through? 1
AVAX/USD 1-day price chart. Source: TradingView

The volatility for AVAX/USD pair is high, and the Bollinger bands are slightly diverging further with the upper band present at the $137 mark, and the lower band has traveled to the $86 mark representing the support level for AVAX. On the contrary, the mean average of the indicator at the $111 mark represents resistance for AVAX.

Avalanche price analysis: Recent developments and further technical indications

The 4-hour price chart for Avalanche price analysis also confirms the bullish trend as the price has been on the rise for the last 24 hours. The overall recovery is remarkable as the price has returned up to $95 today after continuous bullish efforts. The same trend has been observed during the last four hours as well, and it can be expected the price may cross above the $97.4 resistance in the coming hours if the bullish momentum continues. But some selling pressure seems to be building.

Avalanche price analysis: AVAX to retest $97 resistance. Can bulls push through? 2
AVAX/USD 4-hours price chart. Source: TradingView

As the RSI is also flattening out on the 4-hour chart as well, so a correction might be on its way, as the RSI indicator shows equal room for both sides. The volatility is decreasing on the 4-hour chart as the Bollinger bands are converging here and may form a tight channel if the price oscillations remain low. The upper limit of the indicator at $98.7 represents resistance here, and the average line of the indicator at $89 represents support for AVAX.

Avalanche price analysis conclusion

The AValanche price analysis is bullish today as the price continues to rise. However, we expect the AVAX to correct in the coming hours before covering upwards range later today, as the bulls are in the lead from the past 24 hours, and they might be tired now as the RSI curve is hinting at. In such a case, AVAX will get support around the $91 range.

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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