TL;DR Breakdown
- The Avalanche price analysis shows good recovery signs.
- Strong resistance is found at $70.
- Strong support is present at $57.
The Avalanche price analysis reveals AVAX has recovered a good deal after the flash crash of 20th September. The bullish momentum is on its peaks, and it seems like AVAX/USD is aiming for the all-time high resistance of $70. The next 24 hours are important to observe the AVAX price function to rise to a new record high.
AVAX/USD pair gained a good 12 percent value from the start of today’s trading session and has gained about 14 percent value after it crashed to $57. The interesting fact is AVAX crashed right after it touched an all-time high of the $70 mark which has now turned into the current resistance level.
The price movement of the AVAX/USD pair followed that of the overall market, when most of the crypto assets were reporting losses, including the Bitcoin and Ethereum, and is again recovering well when the giants and altcoins are recovering, and some are struggling since.
AVAX/USD 1-day price chart: AVAX moving fast for recovery
The 1-day price chart for Avalanche price analysis shows that a good increment in price has happened today, and bulls are paving the way towards the higher resistance of $70. The AVAX price has moved up again swiftly, crossing the first resistance of $59. Bulls have regained their momentum and are continuing their lead, as last week also proved good for AVAX.
The volatility is still relatively high for AVAX, which can be alarming, as the Widening of Bollinger bands is still observed. The upper Bollinger band is at $74, and the lower band is at the $34 mark on the daily charts, making an average at $54 below the price level. The moving average (MA) is also present below the price level at $63, indicating bullish signs. The relative strength index (RSI) is in the upper half of the neutral zone at 60 index, showing an upward movement.
Avalanche price analysis: 4-hour progress and technical indications
The 4-hour chart for Avalanche price analysis further confirms the bullish momentum as one after one green candlesticks are appearing, indicating bullish efforts. But there are chances of bearish resistance coming in any time, as on the hourly charts, the RSI has dropped a bit to 52 score, which shows selling pressure from the buyers, who purchased assets after the flash crash if they start booking profits.
This profit booking may hinder the upward price movement for a short time, but another good indication is Bollinger bands average is traveling down the price level, and both are almost at the same level as can be seen in the 4-hour chart marking a bullish indication. However, a negative event could be if the moving average crosses up the price level, as MA is on an uptrend towards the price level. If it goes above the price, that will be a bearish sign, while volatility is still on the higher side for the AVAX/USD pair.
The technical indicators chart for Avalanche price analysis gives bullish signals, with many of the technical indicators showing buy signals. Out of a total of 26 technical indicators, 16 show buy sign, and only one show sell sign, whereas nine are standing neutral, thus marking a strong bullish trend.
The moving averages are also bullish as 14 MAs show a buy sign, none show a sell sign, and one MA is neutral today. The oscillators are mostly neutral with an inclination towards buying side, as they show two buy signs and only one selling sign, while eight oscillators are neutral today.
Avalanche price analysis: Conclusion
The 1-day and 4-hour avalanche price analysis confirms AVAX price function is bullish, and we expect it to remain bullish for the coming hours. There are chances of retracement due to intraday traders’ booking profits, but overall, AVAX/USD pair price is expected to go up.
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.
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