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Avalanche price analysis: AVAX continues to extend upwards to target $12.85 resistance

Avalanche price analysis

TL;DR Breakdown

. Avalanche price moved up by 4 percent today
. Bulls look to target resistance at $12.85
. Price up more than 15 percent since January 2

Avalanche price analysis continues to show a dominating bullish run in place, as price strengthened up to a high of $12.96 during the day’s trade. AVAX recorded a 4 percent rise from yesterday’s high of $12.56, with price settling at $12.68 at the time of writing. Bulls will be hoping to target the immediate resistance point at $12.85 and increase up to the December 2022 high of $13 in the current run. AVAX price has risen over 15 percent since the turn of the year, providing a timely uptrend as the cryptocurrency keeps the 18th rank in the crypto market with a market capitalisation of $3,954,552,538.

The larger cryptocurrency market continued to show greens initiated yesterday, as Bitcoin consolidated past the $17,000 mark while Ethereum extended up to $1,300. Meanwhile, among leading Altcoins, Ripple scored a minor increment to move up to $0.35, whereas Dogecoin rose 2 percent to stay put at $0.07. Cardano also rose 2 percent, moving up to $0.32, while Polkadot stayed at yesterday’s price level of $4.89.

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Avalanche price analysis: Cryptocurrency heat map. Source: Coin360

Avalanche price analysis: Price clears moving averages on daily chart

On the 24-hour candlestick chart for Avalanche price analysis, price can be seen trending on an incremental uptrend that has been in place since January 2. In the process, AVAX price has jumped more than 15 percent to reach the highest point since December 16. With the current bull run in place, price has also cleared well above the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $11.96.

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

The 24-hour relative strength index (RSI) can be seen extending upwards along with the price uptrend. The daily RSI has moved into the 60’s, which could be considered a risky zone for new investors as price could soon be headed for a correction with the RSI in an overbought zone. Meanwhile, the moving average convergence divergence (MACD) curve continues to show a bullish divergence above the trend line and the 24-hour trading volume for AVAX shows a 28 percent decline.

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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