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Avalanche price analysis: Bullish momentum continues as AVAX prices hit $21.47

Avalanche Price analysis
TL;DR Breakdown
  • Avalanche price analysis shows a bullish market sentiment
  • AVAX prices are facing resistance at $22.5
  • Key support for AVAX prices is seen at $18.8

Avalanche price analysis shows that the market sentiment is currently bullish and prices are expected to rise in the near future. The key support for AVAX prices is seen at $18.8, while resistance is seen at $22.5.The breakout was seen at the beginning of this yesterday’s opening of the trading session and since then the prices have surged by over 11 percent.

The digital asset AVAX has been on a roll lately and has posted some impressive gains in the last 24 hours. At the time of writing, AVAX is trading at $$21.38.The market capitalization of the digital asset has also surged to $6.07 billion from the previous one of $2.7 billion, and the 24-hour trading volume is recorded at $$594,452,299.25. The digital asset has gained a lot of traction in the last few days and has emerged as one of the top performers in the cryptocurrency market after the recent market turmoil.

Avalanche price movement in the last 24 hours: Firm bullish sentiment forms

The daily chart for Avalanche price analysis shows that the prices have been on a constant uptrend in the last few hours and have gained massively in the last 24 hours. The prices have broken out past the $20 support level and are currently facing resistance at $22.5. The24 hour chart for AVAX shows that the prices have formed a bullish flag pattern and are currently trading above the $20 level.

The MACD indicator has crossed into the bullish zone and is currently above the zero line, which indicates a bullish market sentiment. The RSI indicator is currently at 73.48 and is well above the 50 level, which indicates that the prices are currently in overbought territory. The MA 50 and MA 200 are both sloping upwards, which indicates that the prices are in a strong uptrend. The Bollinger bands are currently wide, indicating a high volatile market.

image 355
AVAX/USD 1-day price chart, source: TradingView

The digital asset has seen a lot of buying pressure in the last few hours and is currently trading above the $22.5 level. The next major resistance for the prices is seen at $25, which is a key psychological level. The digital asset is expected to test this level in the near future. If the prices fail to break past this level, a correction is expected at the prices. The support levels for the digital asset are seen at $20 and $18.8.

Avalanche price analysis on a 4-hour chart: Bullish run in the play

The 4 hourly chart for Avalanche price analysis shows that the prices have formed ascending triangle pattern and are trading above the $20 level. The prices have also broken out of the $20 resistance level and are currently facing resistance at $19.82. The market volatility is currently high as the bands of the Bollinger bands are currently far apart. The MACD indicator is currently in the bullish zone and is above the zero line, which indicates that the market sentiment is currently bullish. The RSI indicator is currently at 62.71 and is well above the 50 level, which indicates that the prices are currently in overbought territory.

image 354
AVAX/USD 4-hour price chart, Source: TradingView

Avalanche price analysis shows that the market is currently overbought as the moving averages are sloping upwards. The MA 50 and MA 200 are both moving upwards, which indicates that the prices are in a strong uptrend. Also, the SMA 20 is well above the EMA 50, which indicates that the market is in a bullish run. The bullish run is expected to continue in the near future as the market looks to be in a firm uptrend. The next target for the bulls is seen at $22.5.

Avalanche price analysis conclusion

To conclude, Avalanche price analysis shows that the market sentiment is bullish and investors are advised to buy AVAX at current levels for the long term. The digital asset is expected to break out of the $22.5 resistance level soon and move higher towards the $20.00 level. However, bears can take control of the market if the prices start to move below the $18.80 level.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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