Avalanche price analysis: Bulls to test $14.00 resistance, is a breakthrough ahead?

Avalanche price analysis

TL;DR Breakdown

  • Avalanche price analysis suggests an upwards movement to $15.00
  • The closest support level lies at $13.50
  • AVAX faces resistance at the $14.00 mark

The Avalanche price analysis shows that the price action finds resistance at the $14.00 mark and has fallen back to the $13.50 mark as the bulls and the bears struggle for market dominance. 

The broader cryptocurrency market observed a positive market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include CHZ and UNI, recording a 16.34 and a 5.28 percent incline, respectively.

Avalanche price analysis: AVAX returns to $13.50

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Technical indicators for AVAX/USDT by Tradingview

The MACD is currently bullish, as expressed in the green color of the histogram. However, the indicator shows low bullish momentum as expressed in the low height of the histogram. The MACD has been showing a slowly increasing bullish momentum for the last 48-hours as the price moved back towards the $14.00 mark

The EMAs are currently trading below the mean position as net price movement over the last ten days remains bearish. However, as the two EMAs move upwards, the indicator suggests net buying activity in the markets. On the other hand, the 12-EMA is diverging further from the 26-EMA suggesting an increasing bullish potential. 

The RSI was trading near the oversold region 48 hours ago as the index dropped below the 30.00 index unit level. Since then, the indicator moved back up towards the neutral region and climbed to the 49.00 index unit level issuing no signals. Currently, the indicator is trading with a slight downward slope suggesting bearish pressure while the mean position leaves room for activity in either direction.  

The Bollinger Bands are currently narrow as the price action observes low volatility around the $13.00 mark. At press time, the indicator’s bottom line provides support at $12.61 while the upper limit presents a resistance level at $13.84. 

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, eight of the indicators support the bulls showing a significant bullish 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 sell signal with 14 indicators suggesting a downward movement against only four indicator suggesting an upwards movement. The analysis shows strong bearish dominance across the mid-term charts while showing low buying pressure for the asset across the same timeframe. Meanwhile, eight indicators remain neutral and do not issue any signals at press time.

What to expect from Avalanche price analysis?

image 266
4-hour price chart by Tradingview

The Avalanche price analysis shows that after observing a sharp price drop to the $12.00 mark, AVAX was able to defend the support level and the price started to recover. Currently, the bulls are trying to hold the $13.00 support level while the bears hold firm around the $14.00 mark.

Traders should expect AVAX to move up toward the resistance level at the $14.00 mark with a bullish breakout leading the price to the $15.00 mark. The suggestion is reinforced by changing mid-term technicals that are becoming bullish across the short term. However, if the bulls are rejected at the level, AVAX would fall back to the $12.00 mark.

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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.

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