Avalanche price analysis remains bullish today as price continues along an extended uptrend that initiated on August 3, 2022. AVAX price rose up to the $30 mark today, before quickly receding down to current price at $28.65. Over the past 6 days, Avalanche has increased over 27 percent and remains bullish since its listing announcement on Robinhood. Price remains in a decisive phase and in line to target resistance point at $32. Over the next 24 hours, AVAX is likely to flip the $27.85 barrier to bolster the bullish momentum and push towards the $32 mark to record a month-long high.
The larger cryptocurrency market also continued to trend upwards, led by Bitcoin’s 3 percent rise to move up to the $24,000 mark for the first time in over 2 months. Ethereum continued its pursuit of the $2,000 mark with a 4 percent increase. Among leading Altcoins, Cardano racked up a further 2 percent in price to reach $0.54, while Ripple rose up to $0.38. Dogecoin also trended upwards, reaching up to $0.07, while Solana jumped 4 percent to sit at $42.57. Meanwhile, Polkadot made a significant 8 percent increment to sit at $9.28.
Avalanche price analysis: RSI moves into overbought zone on daily chart
On the 24-hour candlestick chart for Avalanche price analysis, price can be seen extending along an ascending triangle pattern which signifies the current bull run for AVAX. Price has risen more than 27 percent over the current trend and could even move further upwards. In the current bullish reversal pattern, AVAX price could rise up to $37.13 neckline resistance. To support this thesis, major technical indicators show bullish reading. Over the course of the uptrend, AVAX price has remained above the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA).
The moving average convergence divergence (MACD) curve can also be seen forming higher lows above the neutral zone, another positive indication. However, the 24-hour relative strength index (RSI) presents an interesting sight after increasing up to the 70 mark to indicate severe overbought status. Trading volume over the past 24 hours increased more than 23 percent, which shows there is still buyer interest for Avalanche. However, the exhaustion of the 24-hour RSI above this point could spell a downtrend for the token. In this respect, a daily close below the $27.8 mark could plunge price towards support at $20 and invalidate the bullish thesis.
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