According to the Avalanche price analysis, positive momentum is currently in motion. The bulls are effectively pursuing their strategy today as well, as the price of AVAX/USD has risen somewhat over the past several hours. The price of AVAX/USD began to rise later yesterday. If observed after February 4, 2023, the coin’s short-term price trend is still downward because its value has been declining ever since. Selling pressure could develop as the price approaches the next barrier for AVAX, which is located around $18.25, just a touch over the current price level.
AVAX/USD 1-day price chart: A recovery of nearly one percent noted in AVAX value
The price has risen today as bulls have taken the lead, according to the 1-day price chart for the Avalanche price analysis. At the time of writing, the currency is currently selling at $18. The bulls’ recovery strategy is responsible for the cryptocurrency pair’s 0.96 percent value increase over the previous day. But during the last week, the cryptocurrency’s value has dropped 14.53 percent. The trading volume has declined by 15.71 percent at the same time, giving the AVAX a 0.56 percent market dominance.
The Bollinger bands display the following readings, indicating extreme volatility: the upper band is at $22.45 (the coin’s resistance level), while the lower band is at $16.75 (the coin’s greatest support level). The indicator’s mean average is $19.60. Although the moving average (MA) is $19.26 below the SMA 50 curve, it is still descending.
The relative strength index (RSI), which is currently trading at index 47, is slightly sloping upward. The positive momentum and buying activity in the market are shown by the RSI’s upward slope.
Avalanche price analysis: Recent developments and further technical indications
As bulls took control later yesterday, the price function has been moving upward for the last eight hours, according to the 4-hour Avalanche price analysis; however, a reversal was seen at the conclusion of the previous trading session. AVAX has already been on a downward trend for the previous few days. The 4-hour chart is showing green candlesticks, therefore no bearish resistance has been seen today.
On the hourly chart, the Bollinger bands’ upper and lower limits are both at $19.48 and $16.95, respectively, indicating that the volatility is likewise high. On the 4-hour chart, the MA is also trading below the $17.91 price level. With its curve recently becoming milder, the RSI is currently trading at a little upward curve; this horizontal movement of the indicator suggests the presence of a bearish presence above this point as well. The upward trajectory, meanwhile, suggests that bulls are still in a stronger position than bearish.
Avalanche price analysis conclusion
Although the RSI curve is flattening out, which indicates a weakness in bullish momentum, the Avalanche price analysis suggests that the coin is in bullish momentum after yesterday’s bullish movement. The price has increased today, and a further increase in cryptocurrency price is also possible if the bullish sentiment persists.