The bulls are in control of the market and have brought the price back to the $20.69 range today, according to the Avalanche price analysis report. The price of AVAX/USD has risen and abruptly crossed the $20 threshold. Since the beginning of the business day, bulls have been defining the price curve. Although the price experienced a correction yesterday, the tendency has since shifted in favour of buyers. Given that the bulls are currently in control, a further rise in price can be anticipated in the near future.
AVAX/USD 1-day price chart: Bulls to recover 1.91 percent more
The currency is bullish according to the 1-day Avalanche price analysis because it is currently covering an upward range. AVAX/USD traded between $20 and $20.69. At the moment of writing, the cryptocurrency pair is exchanging hands at $20.69. AVAX reports an increase in value of 2.66 percent over the previous seven days, but a loss of 1.91 percent over the previous 24 hours. However, if the bullish trend persists, this loss might turn into a gain. Today’s trading volume dropped by 13.81 percent, and the cryptocurrency pair exhibits a 0.58 percent market dominance.
The lower limit of the Bollinger bands is present at the $17 level, which represents support for the coin, and the upper limit of the bands is present at the $21.81 level, which represents resistance for AVAX/USD. The moving average (MA), which is present at the $20 mark, is above the average median of the Bollinger bands, which is present at $19.45.
The relative strength index (RSI) score has increased to index 58 after taking a dip towards index 56 yesterday. The indicator’s upward-sloping curve indicates that there is healthy buying activity in the market.
Avalanche price analysis: Recent developments and further technical indications
After a sharp price decline yesterday, the price function is moving upward today, according to the Avalanche price analysis 4-hour price chart. Bulls have been in charge for the past sixteen hours, raising the price level to $20.68. A further price rise is anticipated in the hours to come.
As the Bollinger bands begin to align on the 4-hour chart as well, the volatility is reducing. The $21.48 level, which represents resistance for the AVAX/USD, is where the upper limit of the Bollinger bands is located. The lower band has turned towards the $19.70 level, which represents support for the currency.
The AVAX is currently trading in the upper half of the neutral range, according to the RSI on the 4-hour chart, which has hit index 54 after crossing above the centerline. The market is experiencing strong purchasing momentum, as indicated by the RSI’s sharp upward curve.
Avalanche price analysis conclusion
According to the study of the Avalanche price analysis, bulls have performed quite well today. Today, we anticipate AVAX to increase further as the bullish trend appears to be strong enough. If the bullish momentum persists, AVAX may breach above the $21 resistance in the ensuing hours; however, some corrections might also be seen during the day.