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Avalanche price analysis: AVAX/USD positive trend continues as price reaches $17.59

Avalanche

TL;DR Breakdown

  • Avalanche price analysis is bullish today
  • AVAX/USD support is seen at $15.34
  • Avalanche price is facing resistance at $17.83

Avalanche price analysis for January 14, 2023, is bullish with a strong trend line and is trading above $17.59 and has surged up by over 14.44%. The trend line is supported by very high volume trading and is indicating a steady rise in the cryptocurrency’s price. The resistance for AVAX/USD is at $17.83 and the support is at $15.34. Technical indicators are showing that the bulls are in control of the market with strong buying pressure pushing prices to new highs.

Avalanche price analysis 1-day chart: AVAX is bullish at $17.59

The daily chart has formed a large inverted head and shoulders pattern, with a break above the neckline of $17.59. This is a bullish signal that could lead to further upside potential in the coming days. With strong buying pressure, the price could continue to move higher as investors become more confident in the digital currency’s future. 

image 264
AVAX/USD 1-day price chart, Source: TradingView

The short-term outlook is positive, and the outlook for the cryptocurrency remains very positive, with key technical indicators such as the moving average convergence divergence (MACD) and relative strength index (RSI) displaying strong bullish signals. The Bollinger Band indicator shows increasing volatility, with the upper limit placed at the $20.9653 level and the lower limit at $13.2173. 

AVAX/USD 4-hour price chart: Bulls stumble to keep control

The 4-hour Avalanche price analysis for the AVAX/USD pair has been trading in a range of $17.55 to $17.59 since the start of today, with the majority of the trading activity taking place within this range. The longer-term outlook for the cryptocurrency is also very positive, with the price action on larger time frames showing a clear uptrend in recent weeks. The 24-hour trading volume has increased by 48.97% and is currently at $929 million, and the market capitalization is trading at $5.4 billion.

image 265
AVAX/USD 4-hour price chart, Source: TradingView

 The Relative Strength Index (RSI) is in overbought territory and continues to remain above 36.73. This suggests that there is further upside potential for AVAX in the short term. The moving average convergence and divergence (MACD) indicator is also positive with a bullish crossover in the 12-hour chart. The market’s volatility is high, and the volume of trades is increasing. The strongest resistance for AVAX is therefore found at $16.0936, which is the upper limit of Bollinger’s band. In contrast, the biggest support for AVAX is provided by the lower bound of Bollinger’s band, which is currently at $12.6346.

Avalanche price analysis conclusion

In conclusion, the Avalanche price analysis shows that AVAX is in a strong bullish trend, and the outlook for the cryptocurrency remains very positive. With key technical indicators showing strong bullish signals and high-volume trading, the price of AVAX is likely to continue to move higher in the near future.

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.

Derrick Clinton

Derrick Clinton

Derrick is a freelance writer with an interest in blockchain and cryptocurrency. He works mostly on crypto projects' problems and solutions, offering a market outlook for investments. He applies his analytical talents to theses.

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