- Avalanche price analysis suggests upwards movement to $84
- The closest support level lies at $75.00
- AVAX faces resistance at the $82.00 mark
The Avalanche price analysis shows that after falling to the $75.00 mark the buyers were able to find a strong support level to start a recovery. AVAX has recovered to above the $80.00 mark but faces resistance at the $82.00 mark as the selling pressure still weighs on the price action.
The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies observe negative price movements. Major players include FTM and MKR recording a 5.99 and a 5.34 percent decline, respectively.
Avalanche price analysis: Bulls fight back as $75 support holds
Across the technical indicators, the MACD is currently bearish as expressed in the red color of the histogram. However, the indicator shows low bearish momentum as the height of the histogram remains low at press time. Furthermore, the lighter shade of the indicator suggests a decreasing selling momentum across the short-term charts.
The EMAs are currently trading close to the mean level as the Avalanche price observes low net movement across the last few days. Currently, both EMAs seem to be moving sideways suggesting low activity from either side of the market. While the 26-EMA trades above the 26-EMA at press time, the two EMAs are converging and a return to the $84.00 mark would show a bullish turnover.
The RSI is currently neutral and trades close to the mean position at 50.00 index units. The indicator hovers at 45.87 index units moving with an upwards slope suggesting bullish pressure increasing at press time. However, the neutral position of the indicator shows that AVAX has room for significant movement in either direction across the short-term charts.
The Bollinger Bands are currently narrow and show further convergence as the price makes a return towards the indicator’s mean line at $83.29. While the bands’ width shows low volatility across the short-term charts, the upper limit still leaves room for movement to the $89.64 mark. Currently, the mean line presents a resistance to the bulls while the bottom line provides support at $76.95.
Technical analysis for AVAX/USDT
Overall, the 4-hour Avalanche price analysis issues a strong sell signal with 15 of the 26 major technical indicators showing support to the bears. On the other hand, only one of the indicators supports the bulls suggesting that there is no significant buying activity occurring in the markets. Meanwhile, the remaining ten indicators sit on the fence and issue no signals at the time of writing.
The 24-hour Avalanche price analysis shares this sentiment and shows 11 indicators in favor of further downwards movement against six suggesting an upwards price action across the mid-term charts. The analysis reaffirms the bearish dominance over AVAX. At the same time, nine indicators do not support either side of the market.
What to expect from the Avalanche price analysis?
The Avalanche price analysis shows that while the buyers seem to have taken control back of the markets, the selling pressure still weighs on the price. The bulls are currently trying to initiate a rally to recover to $4.50 but face strong resistance from the sellers at $4.20.
Currently, traders should expect the Avalanche price analysis to move upwards towards the $84.00 mark as the market shows a turnover of momentum from the bears to the bulls. Similarly, while the mid-term technical analyses support the bears it is because the mid-term technicals are yet to react to the recent AVAX movements.