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Avalanche price analysis: AVAX breaks above $68 crucial resistance

Avalanche price analysis AVAX breaks above crucial resistance

TL;DR Breakdown

  • The Avalanche price analysis is bullish today.
  • The next resistance is found at $69.8.
  • The support for AVAX is found at $66.9.

The most recent Avalanche price analysis is bullish as the price function is upwards, and the coin has recovered up to the $69 level. The AVAX/USD has successfully broken above the crucial resistance of $68 today, and the next resistance is present at the $69.8 level. Selling pressure is expected to cause some correction at this stage as the price is nearing the next resistance level. The overall trend was bearish previously, and the coin value suffered a lot during the past month. Now the price levels have been maintained from the past week as AVAX seems to have found the support floor, and the price levels have been improved and protected from sinking further.

AVAX/USD 1-day price chart: bullish momentum continues as the price recovers to $69

The cryptocurrency value has recovered considerably during the last 24 hours as the bulls have been retaining their lead. The trending line is now moving ascendingly because of the constant rise in price that has been taking place after bulls made a breakthrough above $68 crucial resistance. An uptrend was observed again recently as the price leveled up to $69.1, successfully gaining more than 7.3 percent value overnight, but as the price is nearing the next resistance, a correction might also take place in the coming hours.

Avalanche price analysis: AVAX breaks above $68 crucial resistance 1
AVAX/USD 1-day price chart. Source: TradingView

The volatility is high for AVAX, as the Bollinger bands are expanded. The upper band is at the $101 mark representing the strongest resistance, and the lower band is at the $53 mark representing the strongest support. The average of Bollinger bands is $77. The moving average (MA) is at the $65 mark below the price level. The relative strength index (RSI) is trading in the lower half of the neutral zone at index 39. The curve of the RSI is upwards due to the constant buying activity.

Avalanche price analysis: Recent developments and further technical indications

The 4-hour Avalanche price analysis shows the price breakout was upwards following a bullish streak that started 20 hours earlier, and the price has been covering range upwards since then as it has reached the $69.4 level now.

Avalanche price analysis: AVAX breaks above $68 crucial resistance 2
AVAX/USD 4-hours price chart. Source: TradingView

The volatility is comparatively mild for AVAX on the 4-hour chart, as the Bollinger bands are narrowed. The upper band is at the $71 mark, and the lower band is at the $61 mark. The average of Bollinger bands is at $66, representing support for the AVAX/USD. The moving average (MA) is at the $66.4 mark below the price level; a crossover between SMA20 and SMA50 is taking place is, which is a further bullish indication. The relative strength index (RSI) is trading in the upper half of the neutral region at index 58, and the RSI was maintaining its upwards curve, but how the curve is flattening out hinting at the expected correction ahead.

Avalanche price analysis: Conclusion

The Avalanche price analysis is bullish for today, and the coin price has been improving for the last 20 hours. As the price is nearing the next resistance level at $69.8, we expect AVAX/USD to observe some selling pressure here and may correct for a few hours before continuing further upside later today.

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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