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.
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.
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.
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