- Avalanche price analysis suggests movement upwards to $32
- AVAX faces resistance at the $30.03 mark
- The closest support level lies at $28.36.
The Avalanche price analysis shows that AVAX finds support at the $27.00 mark after being rejected from the $30.00 mark. The price has returned to the $29.00 mark but can the price breakthrough?
The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies record negative price movements. Major players include ETH and SOL, recording an 8.52 and an 8.09percent decline, respectively.
Avalanche price analysis: AVAX finds support at $27.00
The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows low buying momentum as the MACD has only recently observed a bullish crossover. Regardless, the dark shade of the histogram suggests an increasing buying activity as AVAX approaches the $30.00 mark again.
The EMAs are currently trading above the mean position as net price movement over the last ten days remains positive. Furthermore, as the markets observe buying activity, the EMAs show signs of a bullish divergence, with the 12-EMA moving upwards again while the 26-EMA is yet to follow.
The RSI broke above the overbought price level a few days ago but has since moved back into the neutral region. At the press time, the indicator hovers at the 64.43 index unit level suggesting bullish momentum in recent days. However, the indicator moves horizontally suggesting low pressure from either side.
The Bollinger Bands have been wide for the last couple of days but now show convergence as the price stabilizes below the $30.00 mark. The narrowing bands suggest decreasing price volatility over the short-term charts. The indicator’s mean line currently provides support at the $28.36 mark, while the upper limit presents resistance at $30.03.
Technical analyses for AVAX/USDT
Overall, the 4-hour Avalanche price analysis issues a buy signal, with 14 of the 26 major technical indicators supporting the bulls. On the other hand, only four of the indicators support the bears showing low bearish presence in recent hours. At the same time, eight indicators sit on the fence and support neither side of the market.
The 24-hour Avalanche price analysis shares this sentiment and also issues a buy signal with 12 indicators suggesting an upwards movement against only five indicators suggesting a downwards movement. The analysis shows the bullish dominance across the mid-term charts while showing low selling pressure for the asset across the same timeframe. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.
What to expect from Avalanche price analysis?
The Avalanche price analysis shows that Avalanche is stabilizing above the $28.00 support level as the bulls fight to break past the $30.00 mark. Furthermore, the bulls still dominate the short and mid-term charts, as expressed in the technical analyses. Moreover, the bullish market sentiment suggests a bullish breakout.
Traders should expect AVAX to move upwards to the $30.00 mark to make a bullish breakout from the level. The following bullish rally can be expected to raise the price to the $32.00 mark.