Avalanche price analysis shows that the AVAX/USD pair is currently in a strong bullish market sentiment. Price faces resistance at $24.22 and critical support is seen at $22.89. A break below this support could send the price up to the $20.00 level. The AVAX/USD pair is currently trading at $24.00 levels after a strong rally from $22.50 levels. Market sentiment is currently bullish but the price faces some resistance at $24.22. A break above this resistance could see the price test the $25.00 level.
The price is up 2.03 percent in the last 24 hours and is currently trading at $24.22. The price opened at $23.0 today but the spike was short-lived as the price corrected higher to reach its current level. 24-hour trading volume is $449,830,521 and Avalanche’s total market cap is now $6,825,394,382.
AVAX/USD 1-day price chart: bulls continue to push prices higher as altcoins touch $24.00
Avalanche 1-day price analysis shows that the market has been in a strong uptrend since the start of the day, rising from $23.0 to a recent high of $24.22. The AVAX price has remained in a tight range between $20.00 and $25.00 for the past few days as bulls and bears struggle to dominate the market. Bulls managed to push prices higher today but they face some resistance at $24.22, the next major resistance level.
The 50-day moving average is currently flat and the 200-day moving average is still rising, indicating that the longer-term trend is still bullish. The RSI is currently above 50, which indicates that the market has room to move higher before becoming overbought. The MACD line (blue) is currently above the signal line (red), indicating that the market is in a strong uptrend.
4-hour AVAX/USD price chart analysis: AVAX/USD trades above $24.00
On the 4-hour chart we can see that the market has formed a parallel ascending channel and is currently trading at the channel’s upper border. The price recently broke out of the symmetrical triangle pattern, which is a bullish sign. The market is expected to revisit the $23.60 level before resuming its upward trend. Bears will try to take control of the market if the price falls below the $22.89 level.
The 4-hour RSI is currently at 63, which is in overbought territory and indicates that a correction in the market is possible. The MACD line indicator is currently above the signal line, which indicates that the market is in a strong uptrend but is losing momentum. The 50 and 200 moving averages are still up, indicating that the longer term trend is still up.
Conclusion from analysis of avalanche prices
In summary, Avalanche price analysis shows that the market is in an uptrend as the price is expected to increase in the coming days. It will be difficult for the market to maintain this level but the overall market sentiment is bullish. As long as the price stays above the key support level of $22.89, we can expect more AVAX price hikes. Technical indicators support the advance, suggesting that further gains are possible in the short term.