Avalanche price analysis: AVAX recovers $11.70, eyes $12.00 next

Avalanche price analysis

TL;DR Breakdown

  • Avalanche price analysis suggests an upward movement to $12.00
  • The closest support level lies at $11.50
  • AVAX faces resistance at the $11.75 mark

The Avalanche price analysis shows that the AVAX price action has started to recover towards the $12.00 mark, but the price action still faces resistance at the $11.75 price level.  

The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies recorded negative price movements with low volatility. Major players include SOL and BNB, recording a 0.72 percent and a 0.44 percent decline, respectively. 

Avalanche price analysis: AVAX regains momentum at $11.70

image 507
Technical indicators for AVAX/USDT by Tradingview

The MACD is currently bullish, as expressed in the green colour of the histogram. However, the indicator shows low bullish momentum as observed in the low height of the histogram. On the other hand, the indicator’s darker shade suggests that the bullish momentum is increasing across the timeframe as the price approaches the $12.00 mark.

The EMAs are currently trading below the mean position as net price movement over the last ten days remains negative. However, the two EMAs are moving upwards suggesting a bullish activity in the markets. On the other hand, the two EMAs are diverging suggesting an increase in the bullish momentum across the short-term charts. 

The RSI dipped briefly into the oversold region a few days ago but quickly resurfaced and continued to trade in the neutral zone till press time. Now, the index is trading at the 50.20 unit level with a slight downward slope. The indicator does not issue a signal at the moment while the low slope suggests low bearish pressure across the markets.

The Bollinger Bands are currently very narrow as the price action observes little to no volatility. At press time, the indicator’s bottom line provides support at $11.56 while the upper limit presents a resistance level at the $11.88 mark.

Technical analyses for AVAX/USDT

Overall, the 4-hour Avalanche price analysis issues a sell signal, with 10 of the 26 major technical indicators supporting the bears. On the other hand, seven of the indicators support the bulls showing significant presence in recent hours. At the same time, nine 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 sell signal with 14 indicators suggesting a downward movement against only three of the indicators suggesting an upwards movement. The analysis shows bearish dominance across the mid-term charts while little buying pressure exists for the asset across the same timeframe. Meanwhile, nine indicators remain neutral and do not issue any signals at press time

What to expect from Avalanche price analysis?

image 506
4-hour price chart by Tradingview

The Avalanche price analysis shows that strong bearish momentum enabled the bears to cause a price drop to the $11.50 mark where it continued to hover until now. Currently, the bulls have regained some momentum and are trying to initiate a rally back toward the $12,00 mark but face resistance at the $11.75 level.

Traders should expect AVAX to move upwards as the price action breaks out of the consolidation. While the mid-term technical indicators appear bearish, the drift across the short-term suggests a change of hands between the bears and the bulls. As such. The price can be expected to recover the $12.00 mark in the next two days.

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 decision.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

Related News

Hot Stories

Uniswap price analysis: UNI declines below $7.00 mark after a bearish engulfing candle
Litecoin price analysis: Bears continue to drive LTC down to $97.82
Dogecoin analysis: DOGE price reaches $0.08971 after a significant bullish spike
US SEC plans to scrutinize crypto advisory firms in 2023
Cardano price analysis: Can the bulls break past the $0.4000 mark?

Follow Us

Industry News

US SEC plans to scrutinize crypto advisory firms in 2023
Former JP Morgan banker heads SEBA's Asia pacific division
Russian bank Gazprombank worried about digital ruble impact on fiat
AI tokens outperform BTC - What are they?
Web3 goes to school in India: Algorand announces game-changing partnerships

Add Your Heading Text Here