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Avalanche price analysis: Can the bulls break past $28.00?

Avalanche price analysis

TL;DR Breakdown

  • Avalanche price analysis suggests a downwards movement to $26.00
  • AVAX faces resistance at the $28.00
  • The closest support level lies at $27.00

The Avalanche price analysis shows that AVAX was unable to break above the $31.0 mark and retraced to the $21.00 key support level. While AVAX has recovered to above the $26.00 mark, it still faces resistance in crossing above the $28.00 mark. 

The broader cryptocurrency market observes a bullish market sentiment over the last 24-hours as most major cryptocurrencies record positive price movements. Major players include ETH and BTC recording a 6.73 and a 5.46 percent incline respectively. 

Avalanche price analysis: AVAX recovers $28.00

Avalanche price analysis: Can the bulls break past $28.00? 1
Technical indicator for AVAX/USDT by Tradingview

The MACD is bullish at press time as expressed in the green color of the histogram. However, the indicator shows low bullish momentum as observed in the low height of the indicator. Regardless, the dark green color of the histogram shows an increasing bullish momentum that continues to increase as the price inches close to the $30.00 mark. However, the bulls face resistance at the $28.00 mark which needs to be overcome before further upwards movement. 

The EMAs are currently trading close to the mean position as the Avalanche price analysis observes low net movement over the past few days. The two EMAs are currently close together as the short-term momentum remains low. However, both EMAs move upwards with the 12-EMA diverging from the 26-EMA as bullish pressure increases.

The RSI is trading inside the neutral zone and has been trading in it for the past week. Currently, the RSI is trading above the mean line at 50.00 and hovers near the 63.31 index unit level. The indicator is trading close to the oversold region as buying activity continues. As the RSI continues rising the current position shows there is still room for further upwards movement before it requires a correction. 

The Bollinger Bands were narrow until yesterday but at the press, time show increasing price volatility for the Avalanche price action. Furthermore, the bands are diverging as AVAX returns towards the indicator’s mean line. Currently, the mean line provides support to the bulls at $24.32 while the upper limit acts as resistance at the $27.75 price level. 

Technical analyses for AVAX/USDT 

Overall, the 4-hour Avalanche price analysis issues a buy signal with 11 of the 26 major technical indicators supporting the bulls. On the other hand, only five indicators support the bears showing low bearish presence in recent hours. At the same time, 10 indicators sit on the fence and support neither side of the market.

The 24-hour Avalanche price analysis does not share this sentiment and instead issues a sell signal with 11 indicators suggesting a downwards breakdown against only five indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing low buying activity for the asset. Meanwhile, ten indicators remain neutral and do not issue any signals at press time. 

What to expect from Avalanche price analysis?

Avalanche price analysis: Can the bulls break past $28.00? 2
4-hour price chart by Tradingview

Avalanche price analysis shows that after falling from the highs of $33.0 to the $21.0 support level, AVAX has finally recovered above the $25.00 mark. However, the sharp activity leaves the bulls exhausted and it is unlikely that the buyers would break past the $28.00 mark.

Traders can expect AVAX to fall below the $28.00 mark as the bulls gather momentum to continue the rally. However, if the selling pressure escalates due to FUDs, and the price falls below the $27.00 mark, AVAX may stagnate around the $25.00 mark for the next few days. The technical analyses suggest further upwards movement across the short-term charts.

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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