Avalanche Price Analysis: AVAX/USD spikes towards $23.85 after a successive bullish streak

Avalanche price analysis
TL;DR Breakdown
  • Avalanche price analysis is bullish today
  • AVAX/USD support is seen support is $22.33
  • Avalanche price is facing resistance at $24.09

Avalanche price analysis is bullish today as the market gears up for a breakout from the descending triangle pattern. The AVAX/USD pair is currently trading at $23.85 and is facing resistance at $24.09. If the price breaks out of this resistance, it can rally up to the $25 level in the next 24 hours. AVAX/USD found support at $22.33 and breaking below this level can result in a sell-off to the $21.50 level.

Avalanche Price Analysis for 1-day: price rises to $23.85 as bullish trend aggravates

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 3.19 percent in the last 24 hours. The 24- hour volume for the digital asset stands at $664 million, and the total market capitalization for the digital asset is currently at $6.7 billion. The bears are currently trying to push prices lower, but the $24.09 resistance level is proving to be a tough nut to crack.

image 23
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 $24 level and are now facing resistance at $24.09.The market has made highs and higher lows, which is a bullish sign.

image 24
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 $25.00 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.



Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

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