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Avalanche price analysis:  AVAX bullish as price steps into an ascending parallel channel

Avalanche price analysis
TL;DR Breakdown
  • Avalanche price analysis is showing bullish today
  • AVAX prices are facing resistance at $25.28
  • Support for AVAX/USD prices is seen at $23.67

Avalanche price analysis for today illustrates the bulls are gaining some control of the market as prices step into an ascending parallel channel. The market is currently trading at $24.74 after hitting a high of $125.28 and a low of $23.67. The 24-hour trading volume is $796,652,054, and the total market capitalization is $7.03 billion. AVAX is currently dominating the market with a market share of 1.25 percent. The overall market sentiment is gaining heat as prices recover from the general market slump.

Avalanche price analysis on a 4-hour price hour chart: Ascending parallel channel

The four-hour Avalanche price analysis trades above the ascending parallel channel’s midline. On hourly, If buyers can push prices to break out of the channel’s upper boundary, we can expect AVAX prices to hit the $27 resistance level. On the downside, if prices fail to hold above the ascending channel’s lower boundary, we may see a sell-off that could result in AVAX prices retesting the $20 support level.

image 307
AVAX/USD 4-hour price chart, source: Tradingview

The moving averages lines are exhibiting a possible breakout upwards as the 20-day SMA ($24.02) crosses above the 50-day SMA ($23.97). The RSI indicator is currently at 64 and indicates neither overbought nor oversold conditions in the market as the market enters into a consolidation phase. The upper Bollinger Band is seen at $25.56, and the lower Bollinger Band is placed at $22.68.

Avalanche price analysis 1-day price chart: Bullish momentum builds

Avalanche price analysis shows AVAX prices in the last 24 hours have recorded a significant surge and have entered the $24.74 level. The market is currently consolidating above the $23.67 support level as bulls try to push prices higher.

image 306
AVAX/USD 1-day price chart, source: TradingView

The bulls have been in control of the market as the Moving average is above the candlesticks. The 20-day SMA and the 50-day SMA, are above the candlesticks indicating that the market has strong bullish momentum. The RSI indicator is currently at 58 and still indicates possible room for more upside as the market looks to enter the overbought territory.

Avalanche price analysis conclusion

In conclusion, Avalanche price analysis shows that the market is in a bullish trend as prices step into an ascending parallel channel. The market is in a correction phase as the bulls try to push prices higher. The market is however at a critical juncture as the bulls try to break out of the ascending parallel channel’s upper boundary. Bears will look to retest the $23.67 support level if prices drop below the ascending parallel channel.

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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