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Avalanche price analysis: AVAX/USD in free fall as $20 support looks shaky

Avalanche price analysis
TL;DR Breakdown
  • Avalanche price analysis shows a bullish trend.
  • Support for AVAX prices is present at $15.
  • AVAX/USD is facing resistance at $27.51.

Avalanche price analysis for today shows that the market has started following a bullish trend recently. After breaking out from the descending triangle pattern, AVAX prices have surged to $27.51. However, they found strong resistance at this level and corrected lower. The immediate support for the prices lies at $15, below which further downside is possible in the market.

The Avalanche price is currently trading at $20.52 and is facing resistance at $22.51. If the prices break out from this level, they will likely surge higher soon. The RSI indicator on the 4-hour chart is close to the overbought levels, suggesting that the prices might correct lower soon. However, the MACD indicator is still bearish, indicating that the bears are in market control. Hence, we can expect further upside in the AVAX/USD pair soon.

AVAX/USD 1-day price analysis: Bulls in control

The 1-day price chart for Avalanche price analysis shows that the market has been following a downward trend for the past few days. The prices have found strong support at $15 and have started to rebound from this level. However, the bears are still in control of the market as they are trying to push the prices lower.

The immediate resistance for the market lies at $24.12, which is also close to the 21-day moving average. If the prices break out from this level, they will likely test the next resistance at $27.51.

avax usd 1d
Source: TradingView

After breaking out from the descending triangle pattern, AVAX prices have surged to $27.51. However, they found strong resistance at this level and corrected it lower. The immediate support for the prices lies at $15, below which further downside is possible in the market.

The 1-day price chart for Avalanche price analysis shows that the market has started following a bullish trend recently. After breaking out from the descending triangle pattern, AVAX prices have surged to $27.51. However, they found strong resistance at this level and corrected it lower. The immediate support for the prices lies at $15, below which further downside is possible in the market.

Avalanche price action on a 4-hour chart: Recent price developments

Avalanche price analysis on the 4-hour chart shows that the AVAX/USD pair has formed a bullish flag pattern, a continuation pattern. This suggests that the bulls are in control of the market, and prices will likely surge higher soon. The bull’s next target would be $30, which is also the all-time high for AVAX prices.

avax usd 4h
Source: TradingView

The market looks bearish in the short term as the 50-day and 200-day moving averages are trending downwards. The Relative Strength Index (RSI) is currently below the 40 level, suggesting that the market is oversold, and we could see some relief rally soon. The MACD indicator line (blue) is above the line(red), indicating that the market is bullish in the short term.

Avalanche price analysis conclusion

To sum up, Avalanche price analysis shows that the market has started following a bullish trend recently. After breaking out from the descending triangle pattern, AVAX prices have risen to $27.51. However, they found strong resistance at this level and corrected it lower. The immediate support for the prices lies at $15, below which further downside is possible in the market.

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.
Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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