Bullish momentum retrieves price back to $23.21 high

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Avalanche price analysis for today is bullish as the AVAX/USD pair has risen to retest the $23.21 high. The market had found support at a lower level around $22.52 but the bulls have been able to push price action back up. However, there is still some resistance present at $23.65 which needs to be overcome for further upside to be seen.

Cryptocurrencies price heatmap, Source: Coin360

The AVAX/USD has gained more than 2.12 percent in the past 24 hours and is currently trading at $23.21. The 24-hour trading volume is currently at $412 million, and the market capitalization is at $6.62 billion.

AVAX/USD 4-hour price chart: AVAX/USD upgrades to $23.21 after bullish efforts

The 4-hour timeframe for Avalanche price analysis shows that price action has been consolidating since yesterday’s high of $23.65 was reached. The bulls have not been able to push the market higher and the bears have not been able to pull it lower. This indicates that there is still some indecision in the market and that a breakout is likely.

image 233
AVAX/USD 4-hour price chart, source: TradingView

Looking at the hourly chart, we can see that price action has formed a bullish flag pattern which is a continuation signal. The MACD is currently in positive territory but is showing signs of bearish convergence. The RSi is currently just below the 50 level which indicates that there is still some room for upside. The Bollinger bands have been breached to the upside which is a bullish sign.

AVAX/USD 1-day price chart: Bulls aiming for $24 as their next target

The 1-day, Avalanche price analysis indicates that the AVAX/USD pair is currently trading at $23.21 and is facing resistance at $23.65. If the bulls can overcome this resistance, we could see further upside towards $24.00. However, if the bears take control of the market, we could see a move back down towards $22.52 support.

image 232
AVAX/USD 1-day price chart, source: TradingView

The Relative Strength Index (RSI) is currently at 67.82 which indicates that the market is still in bullish territory. However, the MACD is showing signs of bearish divergence and is currently in positive territory. The Upper Bollinger Band is at $23.68 and the Lower Bollinger Band is at $22.21.indicating that the market is in a bullish phase.

Avalanche price analysis conclusion

Overall, Avalanche price analysis indicates that the market looks like it is poised for further upside in the short-term but will need to overcome some resistance levels first.$23.65 is the key level to watch, and if the bulls can push above this, we could see further gains. However, if the bears take control, we could see a move back down to support at $22.52.

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.


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