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Avalanche price analysis: AVAX boosts up to $11.60 after extended bearish spell

Avalanche price analysis

TL;DR Breakdown

. Avalanche price rose another 3 percent today following yesterday’s uptrend
. Price moved up to the highest point since December 28
. Next resistance point set at $12

Avalanche price analysis finally shows consecutive green candlesticks on the daily chart, as price rose another 3 percent to follow up on yesterday’s uptrend. AVAX rose up to $11.60 over today’s trade, the highest point since December 28 when price initiated a descent down to $10.54. While it remains too early to call it a bullish trend, AVAX bulls would be hoping the next resistance point at $12 is crossed swiftly, from where Avalanche price can expect to boost up to $15, recording a 32 percent increment.

The larger cryptocurrency market showed mixed signals across the board, as Bitcoin receded in its pursuit of the $17,000 mark, and Ethereum also recorded a minor downtrend at $1,200. Among leading Altcoins, Ripple dropped 2 percent to move down to $0.34, whereas Dogecoin lost 3 percent to move down to $0.07. Meanwhile, Cardano went down by 1 percent to $1.12, whereas Solana rose a massive 17 percent to move as high as $13.26.

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Avalanche price analysis: Cryptocurrency heat map. Source: Coin360

Avalanche price analysis: Price moves ahead of crucial moving averages on daily chart

On the 24-hour candlestick chart for Avalanche price analysis, price can be seen forming an uptrend over the past 2 days, after an extended bearish period where horizontal movement dominated the daily price analysis. Since yesterday, AVAX moved above the 9 and 21-day moving averages, and the crucial 50-day exponential moving average (EMA) at $11.23. Meanwhile, complementing the uptrend, the 24-hour trading volume for the Avalanche token rose more than 27 percent.

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Avalanche price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index can be seen moving into a healthier state over the past 48 hours, and has reached up to the 40 mark. This presents a healthy indicator for a further price extension as the $15 resistance is faced. Meanwhile, the moving average convergence divergence (MACD) curve can also be seen attempting a bullish divergence, presenting another positive sign for expected upward price movement over the coming 24 hours.

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.

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.

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.

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