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Avalanche price analysis: AVAX continue to discover record highs above $100

Avalanche price analysis AVAX continue to discover record highs above

TL;DR Breakdown

  • Avalanche price analysis is bullish today.
  • Support is present at $108.
  • Selling pressure may take over the market soon.

The latest Avalanche price analysis indicates the coin continues high-side and discovers new record highs above the $100 psychological mark. The AVAX/USD broke above $100 on 17th November, corrected on 18th November, and is on an upward trend again from 19th November.

Today AVAX has covered a good upwards range, as the coin now targets to break above $120. AVAX/USD has been on an upwards trend for more than a month and has gained significant value during this time, as on 13th October, the AVAX traded around $54, and today it’s valued at around $118, this gives a good idea of how successful these days were for AVAX.

AVAX/USD 1-day price chart: Bulls mark 16 percent gains

The 24-hour Avalanche price analysis shows the crypto pair is trading in a bullish trend today as well. The AVAX price has reached $118.9 at the time of writing, gaining over 16 percent value just during the last 24 hours. The crypto pair also reports a more than 37 percent increase in value over the past week. The trading volume also shows an increase of 28 percent over the last 24 hours, and the market dominance has also reached 0.89 percent.

Avalanche price analysis: AVAX continue to discover record highs above $100 1
AVAX/USD 1-day price chart. Source: TradingView

The volatility is high for AVAX as the Bollinger bands continue to expand as the price moves higher, the upper band is at the $117 mark, which represents support for AVAX as it trades above the upper band, and the lower band is at the $61.9 mark. The mean average of the indicator is at the $89 mark also representing support for the coin. The moving average (MA) is trading at the $101 mark.

The AVAX also is oversold at the moment as the relative strength index (RSI) is present in the overbought region still on an upwards curve. The RSI is trading at index 74 and indicates intense buying activity in the market.

Avalanche price analysis: Recent developments and further technical indications

The 4-hour Avalanche price analysis shows that the price has been rising for more than 24 hours continuously, which is quite a long time for continuous upwards movement, so a selling pressure can trigger any time.

Avalanche price analysis: AVAX continue to discover record highs above $100 2
AVAX/USD 4-hours price chart. Source: TradingView

The Volatility on the 4-hour chart is also increasing, as the Bollinger bands are diverging again, with the upper band at $117.7 and the mean average at $104. The indicator suggests in case of correction, the AVAX will try to hold on to $117, and if the pressure exceeds, then AVAX may look down at the $104 support level. The MA is trading at the $108 mark, and the RSI is still in the oversold zone at index 72, but the upwards slope of RSI has decreased, which indicates a break in bullish momentum might be on its way.

Due to the tremendous performance shown by AVAX during the last month and the high price levels the AVAX still continues to conquer, the technical indicators are also on the strong bullish side. 16 indicators suggest buying of AVAX assets, and only one indicator suggests selling of AVAX assets. On the other hand, nine technical indicators are taking a neutral position, out of a total of 26 technical indicators.

Avalanche price analysis conclusion

The Avalanche price analysis suggests the price function is upwards from the last 24 hours, and as can be seen, the price has reached above the upper limit of the Bollinger bands. This situation gives an indication for a correction to start any time, as traders might want to book profits or fear a short time pull off, which might trigger the selling pressure. However, the coin has gained a good value today, and chances are, it may close in greens today even if the correction starts.

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.
Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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