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Avalanche Price Analysis: AVAX/USD spikes towards $20.10 after a bullish run

Avalanche price analysis
TL;DR Breakdown
  • Avalanche price analysis shows a bullish trend
  • AVAX prices are facing resistance at $20.16
  • Key support for AVAX prices is seen at $17.83
image 148
Cryptocurrencies price heatmap, source: Coin360

Avalanche price analysis shows that AVAX prices have spiked towards $20.10 after a bullish run in the market. The digital asset is currently trading above the $20 level and looks set for further gains in the market. Resistance for the digital asset is seen at $20.16, and if the prices break above this level, it could target the $21.50 level in the near term. On the downside, key support for AVAX prices is seen at $17.83 and a break below this level could see prices tumble towards the $15.00 level in the near term.

Avalanche Price Analysis for 1-day: AVAX prices look to break above $20.16 resistance

The 1-day chart for Avalanche price analysis shows that the digital asset has been on a strong uptrend in the market and has gained over 10 percent in the last 24 hours. The 24- hour volume for the digital asset stands at $695 million, and the total market capitalization for the digital asset is currently at $5.4 billion. The bears are currently trying to push prices lower, but the $20.16 resistance level is proving to be a tough nut to crack.

image 144
AVAX/USD 1-day price chart, source: TradingView

The Relative Strength Index (RSI) for the pair is currently at 70.37 and is showing no signs of weakness in the market. The MACD indicator for the pair is currently in the bullish zone, and the prices are trading well above the moving averages. The MA 50 is currently at $18.82, and the MA 200 is currently at $15.76 which is a clear indication that the bulls are in control of the market.

AVAX/USD analysis on a 4-hour price Chart: Ascending parallel channel

The 4-hour chart for AVAX prices shows that the digital asset has formed an ascending parallel channel and is currently trading near the upper boundary of the channel. The prices have recently broken above the $20 level and are now facing resistance at $20.16.The market has made highs and higher lows, which is a bullish sign.

image 145
AVAX/USD 4-hour price chart, Source: TradingView

The bulls emerged after the Moving average convergence divergence  (MACD) indicator showed a bullish crossover after a long period of consolidation in the market. The Relative strength index  (RSI) for the pair is currently above the 60 level, which is a bullish sign. The MA50 is moving towards the MA200, which is a bullish sign.

Avalanche price analysis conclusion

To conclude, Avalanche price analysis indicates that the cryptocurrency behavior suggests that it is following a complete bullish trend with further bullish potential. Fortunately, the market has recently fallen under the complete bullish dominion but exhibits signs of total stability from the bulls. The price has moved higher as bulls attempt to target the $21.00 level. The 24-hour and 4-hour technical indicators all suggest further gains in the market.

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.

John Palmer

John Palmer

John Paul is an enthusiastic crypto writer with an interest in Bitcoin, Blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience.

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