- Avalanche price analysis is bullish today.
- AVAX/USD is currently trading at $90.2
- Selling pressure is slowly returning.
Selling pressure is slowly returning to the market. If this is the case, an end-of-day close below $90 .2 could see the open market closer to $87. However, it does appear that a move-up has been inbound for some time now after three consecutive red days.
Nevertheless, if the market does fall below $90.2 before then, it would not surprise us to see a close return closer to $87. This also assumes that the market buys into this temporary uptrend we’re seeing come back right now.
Avalanche price movement in the last 24 hours: Avalanche rejects lower, prepares to retrace
Any bullish momentum could be short-lived as resistance is found around $94.7 – $95.5, where selling pressure will increase significantly. That being said, trading volumes are low at this moment in time. As such, it looks as though AVA/USD will need to break above $95.5 before further buying pressure is seen.
If the market can continue beyond $94.7, we could see the Avalanche Network (AVA) price reach $103 – $105, where resistance can be found just on the cusp of a 3% increase from here.
As it stands, our short-term bias is bullish for The Avalanche Network (AVA). We also see a potential uptrend on the cards first prior to a more significant return in selling pressure that may or may not happen first. We do strongly believe that an upswing is incoming. However, we would rather see cryptocurrency markets enter a more stable period before the full extent of the uptrend can happen. Ultimately, this cannot be seen until much later on in cryptocurrency’s life cycle.
For now, our immediate support level remains at $91.6. In contrast, our immediate resistance level for The Avalanche Network (AVA) stands at $95.5 – $94.7, respectively, where selling pressure will increase massively to slow down any bullish momentum.
AVAX/USD 1-day chart. Source: TradingView
A move in and out of the green for this market is indicative of a steady trend, which also means that both buyers and sellers are shifting in equal measure.
In summary, these minor fluctuations should be expected from time to time according to the AVAX/USD chart at hand. Any changes must be noted on a day-to-day basis. As it stands, despite selling pressure slowly returning over the last few days, prices have since recovered within 24 hours.
AVAX/USD 4-hour chart: retests upside before starting to retrace?
The 4-hour chart is beginning to show some indications of a downswing before the anticipated rise. As a result, we anticipate AVAX/USD to continue rising and possibly reach highs of $88 or higher soon. If selling pressure returns and succeeds in breaking below lows of $76, AVAX/USD could retrace toward floors of $70 or even lower.
The RSI indicator has recently passed the 50 mark, but it might fall again to create additional buying enthusiasm. The daily EMA 50/200 continues its upward move and suggests that it will continue.
The indicators appear to contradict one another; nevertheless, if the price rises higher, it will break through $100 in the next few weeks. These targets are aggressive. Thus, we’ll have to wait and see how things turn out before knowing whether this prediction is correct.
The MACD indicator shows a bullish trend, but its lines are beginning to intersect, indicating a correction in the coming days $100 value would see the market achieving a height of $115 and will likely settle around there for a few days.
Avalanche price analysis: Conclusion
Avalanche price analysis is bullish today shall be limited as support levels should hold. If not, then bearish momentum could cause the market to crash. However, AVA/USD must first breach resistance around $95.5 before bullish momentum can be seen firsthand. Determining the future behavior of cryptos is incredibly difficult, so these short-term forecasts can always be inaccurate.
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.