logo

Avalanche price analysis: AVAX continues to trend upwards near $30 decisive price point

Avalanche price analysis
TL;DR Breakdown
  • Avalanche price continues extended uptrend to target $32
  • Price rose 3 percent over the past 24 hours
  • Rounded bottom pattern appears on daily chart

Avalanche price analysis remains bullish today as price continues along an extended uptrend that initiated on August 3, 2022. AVAX price rose up to the $30 mark today, before quickly receding down to current price at $28.65. Over the past 6 days, Avalanche has increased over 27 percent and remains bullish since its listing announcement on Robinhood. Price remains in a decisive phase and in line to target resistance point at $32. Over the next 24 hours, AVAX is likely to flip the $27.85 barrier to bolster the bullish momentum and push towards the $32 mark to record a month-long high.

The larger cryptocurrency market also continued to trend upwards, led by Bitcoin’s 3 percent rise to move up to the $24,000 mark for the first time in over 2 months. Ethereum continued its pursuit of the $2,000 mark with a 4 percent increase. Among leading Altcoins, Cardano racked up a further 2 percent in price to reach $0.54, while Ripple rose up to $0.38. Dogecoin also trended upwards, reaching up to $0.07, while Solana jumped 4 percent to sit at $42.57. Meanwhile, Polkadot made a significant 8 percent increment to sit at $9.28.

Screenshot 2022 08 09 at 1.37.45 AM
Avalanche price analysis: Cryptocurrency heat map. Source: Coin360

Avalanche price analysis: RSI moves into overbought zone on daily chart

On the 24-hour candlestick chart for Avalanche price analysis, price can be seen extending along an ascending triangle pattern which signifies the current bull run for AVAX. Price has risen more than 27 percent over the current trend and could even move further upwards. In the current bullish reversal pattern, AVAX price could rise up to $37.13 neckline resistance. To support this thesis, major technical indicators show bullish reading. Over the course of the uptrend, AVAX price has remained above the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA).

AVAXUSDT 2022 08 09 01 40 34
Avalanche price analysis: 24-hour chart. Source: Trading View

The moving average convergence divergence (MACD) curve can also be seen forming higher lows above the neutral zone, another positive indication. However, the 24-hour relative strength index (RSI) presents an interesting sight after increasing up to the 70 mark to indicate severe overbought status. Trading volume over the past 24 hours increased more than 23 percent, which shows there is still buyer interest for Avalanche. However, the exhaustion of the 24-hour RSI above this point could spell a downtrend for the token. In this respect, a daily close below the $27.8 mark could plunge price towards support at $20 and invalidate the bullish thesis.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

Related News

Hot Stories

Thai SEC is going after crypto exchanges
3A-level game Zalmoxis landed on MEXC launchpad — Hold 10 MX or USDT to participate
MEXC users surpass 10M, and a new futures trading fee deduction is launched
Online Gaming and Web 3.0: Freakzz, the 9,999 NFT collection designed by Game of Thrones artists, introduces a Play-And-Earn game
Dogecoin price analysis: DOGE remains consistent at $0.0608

Follow Us

Industry News

Cosmos 2.0: Uniting blockchains, interchain security, new issuance model for ATOM, and more
Bank of International Settlements green signals CBDC
Robinhood partners with Polygon to test Web3 waters. Here’s how
Shark tank's Kevin O'Leary advice to investors
What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?