Avalanche price analysis is pointing in a bullish direction for now as bullish momentum gained strength today, and bulls are continuing their push to take AVAX toward the $17.18 level. The asset is currently trading above the $17.02 support level, and it has gained nearly 0.15% in the past 24 hours alone and more than 3.43% in the last seven days. As of press time, the bears still have control over the AVAX market. If the bearish momentum persists and the $17.02 support is broken, the next support level maybe $16.95. This could trigger further selling pressure and lead to a deeper correction in the AVAX market. On the other hand, if the bulls recover their losses and push the price above the resistance level of $17.34, we may see a further bullish trend form. The next resistance level would be $17.40, indicating a potential upward movement in the AVAX market.
Avalanche price analysis 1-day chart: Bulls are having trouble overcoming the $617.34 resistance
The daily Avalanche price chart indicates that the bulls have been able to keep the price above the $17.02 support level, which has acted as a floor for AVAX today. The AVAX/USD pair has gained over 0.15 percent at the time of writing, and it looks like there could be more upside potential in the short term. Additionally, the 24-hour trading volume is currently sitting at $122 million, with market cap highs of $5.611 billion, which suggests that more investors are entering the market and buying up AVAX.
The volatility is high for AVAX/USD on the daily chart, as the Bollinger bands show quite a range for the price movement. The upper band is at the $20.69 mark, and the lower band is at the $16.14 mark. The moving average (MA) has also traveled up and is present at the $17.16 mark. The relative strength index (RSI) is trading at 52 and is still in the neutral zone, indicating that there may be more room for growth in AVAX.
AVAX/USD 4-hour price chart: Recent updates
The 4-hour Avalanche price analysis is also looking encouraging for bulls, as AVAX/USD is trading above $7.05 currently. The bulls and bears are struggling to gain control of the market, and a fierce battle is currently going on. The market is also displaying a positive convergence pattern on the 4-hour chart, with the price making higher highs while the indicators are making lower highs. This indicates that the bulls may have control of the market in the short term and could push AVAX/USD toward the next resistance level of $17.34.
Technical indicators are showing that AVAX is likely to continue its upward trajectory, with the moving average (MA) at $17.15 below the current price of $17.18 and the relative strength index (RSI) at 42.42, which is still in the oversold zone. The Bollinger Band is also indicating a slight uptrend, as the lower band is at $16.30 and the upper band is at $18.92.
Avalanche price analysis conclusion
In conclusion, Avalanche is displaying bullish momentum and could continue its upward trend toward the next resistance level of $17.34. The coin is bullish for today, the price has increased to $17.18. However, there might be some bearish pressure before reaching this mark, but overall, the market is trending upwards. Investors should keep an eye on the market for potential pullbacks and dips in the near future.
