- Avalanche price analysis suggests sideways movement at the level
- The closest support level lies at $12.50 and further below at $12.30
- AVAX faces resistance at the $12.95 mark.
The broader cryptocurrency market observed a bullish market sentiment over the last 24 hours as most major cryptocurrencies recorded positive price movements. Major players include XRP and LTC, recording a 3.85 percent and a 1.85 percent incline, respectively.
Avalanche price analysis: AVAX rejected at $13.00
The MACD is currently bullish, as expressed in the green colour of the histogram. However, the indicator shows low bearish momentum as observed in the low height of the histogram. Moreover, the lighter shade of the histogram suggests a declining bullish momentum as the price struggles to climb past $12.50.
The EMAs are currently trading high above to the mean position as net price movement over the last ten days remains positive. However, the EMAs move close together suggesting low momentum across the timeframe. Moreover, the converging EMAs suggest an increasing bearish pressure for the asset.
The RSI briefly rose to the overbought region but has since gone back into the neutral region as AVAX got rejected at the $13.00 price level. Currently, the index is trading at the 58.92 mark showing steady bullish momentum with a horizontal slope suggesting an equilibrium between both sides of the market.
The Bollinger Bands are currently wide as the price shows sharp volatility rising from $5.40 to 5.90 in the last 24 hours. Currently, the price is moving back towards the indicator’s mean line suggesting that the volatility would be declining. The indicator’s mean line provides support at $12.29 mark while the upper limit presents a resistance level at the $12.95 mark.
Technical analyses for AVAX/USDT
Overall, the 4-hour Avalanche price analysis issues a buy signal, with 14 of the 26 major technical indicators supporting the bulls. On the other hand, only two of the indicators support the bears showing little to no bearish presence in recent hours. At the same time, ten of the indicators sit on the fence and support neither side of the market.
The 24-hour Avalanche price analysis does not share this sentiment but instead shows a neutral sentiment with 10 indicators supporting each side of the market. The analysis shows a struggle for dominance between the bulls and the bears across the daily charts. Meanwhile, the remaining six indicators remain neutral and do not issue any signals at press time.
What to expect from Avalanche price analysis?
The Avalanche price analysis shows that the Avalanche market is enjoying a strong bullish rally as the price rose from $10.50 to the current $12.50 in the last 10 days. Currently, the price is facing strong resistance at the level and the bulls appear to be overstretched, however, if the bulls break above $13.0, the next resistance level lies at $13.30 mark.
Traders should expect AVAX to slow down at the level as while the technical analyses are bullish, the momentum is overstretched and the bulls are exhausted as the bears fight back. Currently, the price can be expected to trade in the $12.30-$12.70 range for a while before making a bullish breakthrough.