Avalanche price analysis: Can the bulls break past the $17.50 resistance level?

Avalanche price analysis

TL;DR Breakdown

  • Avalanche price analysis suggests sideways movement before the upwards breakout $18.00 mark.
  • The closest support level lies at $17.00
  • AVAX faces resistance at the $17.50 mark

The Avalanche price analysis shows that the AVAX price action has fallen down to the $290.00 support where the bulls are trying to hold the bearish pressure at bay.

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 SOL and BTC, recording a 9.15 and a 15.76 percent incline, respectively. 

Avalanche price analysis: AVAX attempts to break past $17.50

image 445
Technical indicators for AVAX/USDT by Tradingview

The MACD is currently bearish, as expressed in the green colour of the histogram. Moreover, the indicator shows steady bearish momentum as expressed in the green colour of the indicator. However, the lighter shade of the histogram suggests an increasing bearish momentum as the price struggles to break past the $17.50 mark. 

The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. However, the EMAs move close together suggesting low momentum across the timeframe. Moreover, the diverging EMAs suggest an increasing bearish pressure for the asset.

The RSI briefly rose to the overbought region but has since gone down towards the mean line as the price failed to break out to the $18.00 mark. Currently, the index is trading at the 63.32 mark showing steady bearish momentum on either side with the horizontal slope suggesting low net activity in the markets.

The Bollinger Bands are expanding at press time as the price action observes bullish activity near the upper limit of the asset. The indicator’s bottom line provides support at the $15.28 mark while the upper limit presents a resistance level at the $17.67 mark.

Technical analyses for AVAX/USDT

Overall, the 4-hour Avalanche price analysis issues a buy signal, with 15 of the 26 major technical indicators supporting the bulls. On the other hand, only two of the indicators support the bears showing a low bearish presence in recent hours. At the same time, nine indicators sit on the fence and support neither side of the market. 

The 24-hour Avalanche price analysis shares this sentiment and also issues a buy signal with 13 indicators suggesting an upwards movement against five suggesting a downward movement. The analysis shows strong bearish dominance across the mid-term charts with significant bullish resistance persisting. Meanwhile, the remaining eight indicators remain neutral and do not issue any signals at press time. 

What to expect from Avalanche price analysis?

image 444
4-hour price chart by Tradingview

The Avalanche price analysis shows that the Avalanche market is enjoying a strong bullish rally as the price rose from $10.00 to the current $17.00 in the last 20 days. Currently, the price is facing strong bearish pressure at the level but the bulls hold strong at the $17.00 support level causing a short-term stalemate at the level.

Traders should expect AVAX to move up toward the $18.00 mark as the bulls push through against the bearish pressure. The suggestion is reinforced by the bullish short-term technicals and the mid-term analyses. However, the price may see a sideways movement before that as the bulls generate momentum. As such, the short-term prices can be expected to trade between the $17.00 mark and the $17.40 price level across the short-term charts.

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.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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