Avalanche price analysis: AVAX soars high to $17.06 as bullish momentum increases

TL;DR Breakdown

  • Avalanche price analysis shows a bullish bias trend
  • AVAX prices have sought support at $16.43
  • Resistance for AVAX is present at $17.15

Avalanche price analysis is on a massive uptrend today, with bulls pushing the price up by over 1.44%. The bullish momentum has been driven by a surge in demand for the digital asset, with many investors looking to capitalize on its potential. The strong buying pressure has pushed Avalanche’s price up to an all-time high of $18, smashing through the previous resistance level of $17.06. The price has been steadily climbing since yesterday when it was trading at a high of $16.  Today’s market began trading at $17.06 at the time of writing, a move in either direction could trigger the next move as the Avalanche price is now in a breakout zone. So, the bulls must exercise caution because a bearish move could render the bullish trend illegitimate.

Avalanche price analysis 1-day chart: AVAX price rises to $17.06 following a significant bullish surge.

The 1-day Avalanche price analysis reveals that the AVAX/USD pair is trading in a tight range between $17.08 and $ 17.06 levels. The bulls have been in control of the market since yesterday’s opening, which could be an indication of further bullish momentum in the coming days. volatility is rising, which is positive news for bidders anticipating future price developments. The upper Bollinger bands are currently at $10.014 and the lower ones are trading at $6.640.

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

The moving average convergence and divergence (MACD) in the 1-day price chart is also in green, indicating bullish momentum. These indications suggest that bulls are firmly in control of the market and they could continue pushing prices higher if they can break through the resistance level. The relative strength index (RSI) is trading at 50.62 which indicates that the market is neither oversold nor overbought.

AVAX/USD 4-hour price chart: Bulls in control of the market

The 4-hour Avalanche price analysis shows that bulls are firmly in control. The AVAX/USD pair has been aiming for the $17.06 level in this move, which is the current trading level as of the time of this writing. The key support level to watch will be $16.43, while the key resistance level is $17.15.  Further movement in trading volume could also provide more clues about where the price might go next.

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

The technical indicators confirm the bullish trend, with the Relative Strength Index (RSI) climbing above the 60 level. The moving average convergence and divergence (MACD) indicator in the 4-hour price chart indicates that the Avalanche price is gaining momentum as the fast-moving line crosses above the signal line. Moreover, the upper Bollinger band is now at $17.748, while the lower band is currently at $16.544.

Avalanche price analysis conclusion

Overall, the Avalanche price analysis is bullish and suggests the price has risen above $17.06 and the market is currently in a bullish position. As long as the bulls are in charge, we anticipate the market to rise more in the near future. However, further upside potential if the bulls can break the resistance level of $17.15 in the coming days. However, if the bears manage to break the support level of $16.43, then we could see a correction in price.

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.