Avalanche price analysis remains bullish today, as price rose around 3 percent to move above the resistance point at $11.85 over the past 24 hours. AVAX also topped at $12.68 earlier in the day, the highest point since December 16. At the time of writing, price has settled at $12.21, with potential for further increment up to the $12.80 mark. AVAX support continues to sit at the $11.65 mark, and any downtrend would direct price towards this point. The cryptocurrency holds the 18th spot currently in the larger crypto market, with a market capitalisation of $3,804,752,323.
The larger cryptocurrency market showed bullish movements across the board, as Bitcoin moved past the psychologically crucial $17,000 mark with a 1 percent rise, while Ethereum rose 4 percent to move up to $1,400. Meanwhile, among leading Altcoins, Ripple price increased 2 percent to sit at $0.34, as Dogecoin jumped 4 percent but could not move past the $0.07 mark. Additionally, Cardano rose 8 percent to move as high as $0.31.
Avalanche price analysis: RSI moves into strong position on daily price chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen moving in an upward trend to continue a bullish run that initiated on January 2. Over the past week, AVAX price has risen almost 19 percent to move as high as $12.68. In the process, price has leaped over the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $11.76.
The 24-hour relative strength index (RSI) can be seen moving upwards to follow the price trend and move into a healthy rating at 54.85. Meanwhile, the moving average convergence divergence (MACD) curve also dictates a bullish divergence in place, presenting positive indication for the uptrend to continue for AVAX. Additionally, over the past 24 hours, AVAX trading volume rose a massive 175 percent, indicating dominant buying behaviour in the market for the token.
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