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Avalanche price analysis: AVAX bullish trend moves past $12 resistance

Avalanche price analysis

TL;DR Breakdown

. AVAX trend remains bullish on daily price analysis
. Price moved past $11.85 resistance over the past 24 hours
. Support still sits at $11.61

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.

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Avalanche price analysis: Cryptocurrency heat map. Source: Coin360

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.

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

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.

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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