TL;DR Breakdown
- Avalanche price analysis suggests upwards movement to $19.00
- The closest support level lies at $17.36
- AVAX faces resistance at the $18.33 mark
The Avalanche price analysis shows that AVAX found support at the $17.00 mark and has started to recover. Currently, the price has broken above $18.00 and continues to move upwards.
The broader cryptocurrency market observed a bearish market sentiment over the last 24 hours as most major cryptocurrencies record negative price movements. Major players include LEO and XRP, recording a 14.20 and a 7.50 percent decline.
Avalanche price analysis: AVAX breaks above $18.00
The MACD is currently bullish, as expressed in the green color of the histogram. While the indicator has been bullish for the past five days, the current bullish momentum is not high as observed in the short height of the histogram. However, the darker shade of the histogram suggests that the bullish momentum is increasing in recent hours
The EMAs are currently trading close to the mean position as net price movement over the last ten days remains low. However, as the short-term charts observe bullish movements, the two EMAs are moving upwards, with the 12-EMA taking the lead. Moreover, as the two EMAs diverge further, the bullish momentum will only increase in the short term.
The RSI has been trading in the neutral zone for the past five days since the index dropped into the oversold region on September 19. Currently, the indicator hovers at the 61.41 index unit level and is moving upwards, suggesting bullish activity across the short-term charts. Furthermore, the neutral position leaves room for further upwards movement.
The Bollinger Bands was narrow yesterday but now shows divergence as the price moves towards the upper limit of the indicator. Currently, the indicators suggest increasing price volatility across the short-term charts. At press time, the mean line provides a support level at $17.36, while the upper limit presents resistance at the $18.33 mark.
Technical analyses for AVAX/USDT
Overall, the 4-hour Avalanche price analysis issues a buy signal, with 12 of the 26 major technical indicators supporting the bulls. On the other hand, only four of the indicators support the bears showing a low bearish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.
The 24-hour Avalanche price analysis does not share this sentiment and instead issues a sell signal with 13 indicators suggesting a downward movement against only four indicators suggesting an upwards movement. The analysis shows the bearish dominance across the mid-term charts while showing low buying pressure for the asset across the same timeframe. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.
What to expect from Avalanche price analysis?
The Avalanche price analysis shows that Avalanche has finally broken out from the downwards trading channel and now moves to recover previous heights. At press time, the price finds short-term support at the $17.50 mark, but the strong bearish pressure makes it hard for the asset to move upwards from the $18.00 level.
Traders should expect AVAX to move upwards to the $19.00 as the price action breaks above the $18.00 resistance level. The suggestion is reinforced by the short-term technical indicators. On the other hand, while the 24-hour technicals remain bearish, they are yet to react to the recent price movements.
