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Avalanche price analysis: AVAX is bullish for the next 24 hours

Avalanche price analysis

TL;DR Breakdown

  • Avalanche price analysis suggests upwards movement to $85
  • The closest support level lies at $80
  • AVAX faces resistance at the $82.50 mark.

The Avalanche price analysis shows that the asset’s price action was rejected at the $95.00 mark and has fallen back to the $80.00 support level. Although the buyers have defended the support level, the selling pressure still haunts AVAX price action. 

The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include XRP and DOGE recording a 9.53 and 7.46 percent incline respectively.

Avalanche price analysis: Buyers recover $82, eye $85 next

Avalanche price analysis: AVAX is bullish for the next 24 hours 1
Technical indicators for AVAX/USDT by Tradingview

Across the technical indicators, the MACD is currently bearish as expressed by the red color of the histogram. However, the lighter shade of the indicator shows a decrease of bearish momentum in recent hours. As the buyers have defended the $80.00 support level, if they are able to climb above the $85.00 mark, the indicator would suggest a bullish crossover.

The EMAs are currently trading close to the mean position as the AVAX price observes low net activity over the past few days as the price action consolidates at the $83.00 mark. At press time, the 26-EMA is moving downwards at a steady pace while the 12-EMA has reacted to the recent movements and moves horizontally.

The RSI was trading high in the neutral zone until 11 February but now hangs close to the mean level at 50.00 index units. The indicator hovers at 43.91 index units showing slight bearish dominance at the current time. The indicator’s position leaves room for sharp movement in either direction while the downwards gradients suggest a slight bearish pressure at the current price level. 

The Bollinger Bands are currently wide but show convergence as the bulls fight back at the $82.00 mark. The indicator suggests decreasing AVAX price volatility across the short term with a support level at the $77.45 mark. Currently, the indicator shows room for bullish activity till the next resistance that lies at the mean line at $85.91. 

Technical analysis for AVAX/USDT

Overall, the 4-hour Avalanche price analysis issues a sell signal with 10 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, only six of the indicators support the bulls, suggesting a significant bullish presence in recent hours. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.

The 24-hour Avalanche price analysis does not share this sentiment and instead issues a buy signal with 10 major technical indicators suggesting upwards movement against only seven indicators suggesting further upwards movement. The analysis reaffirms the bullish dominance while showing high bearish pressure across the mid-term charts. At the same time, nine indicators remain neutral and do not support either side of the market. 

What to expect from the Avalanche price analysis?

Avalanche price analysis: AVAX is bullish for the next 24 hours 2
4-hour price chart by Tradingview

The Avalanche price analysis shows that after finding strong bearish pressure at the $92.00 mark which rejected the trend causing AVAX to crash to the $80.00 mark. The wavelike bearish activity enabled the sellers to cause a significant price drop without a bounce back from the buyers. At press time, the buyers have recovered to the $82.00 price level but the selling pressure persists. 

Currently, traders should expect the Avalanche price analysis to move upwards towards the $85.00 mark as the bulls fight back against the sellers. The market sentiment is also turning bullish reinforcing this suggestion. The mid-term technical analysis also suggests that the bulls still dominate the daily charts.

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.
Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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