Avalanche price analysis: AVAX targets $40 with bullish market in place

Avalanche price analysis remains bullish for the 4th successive day, as price notched another 4 percent over the past 24 hours to move as high as $21.75. AVAX had been subject to a sideways trend since June 17, 2022, after facing a stern decline down to $13.64 in the week before. However, price took a swift upturn on June 23, 2022, and has since risen more than 35 percent from lows recorded earlier in the month. AVAX price has set sights towards a move to $30 over the current trend, however, buyers must guide against short-selling above the $20 level.

The larger cryptocurrency market showed positive signs over the past 24 hours as major cryptocurrencies posted minor increments in price across the board. Bitcoin consolidated above the $21,000 mark, while Ethereum rose past $1,200 with a 3 percent increase. Among leading Altcoins, Cardano recorded a 5 percent increase to reach $0.509, whereas Ripple moved up by 2.5 percent to sit at $0.365. Dogecoin made a significant jump worth 11 percent to reach as high as $0.073, while Solana consolidated above $40 and Polkadot above $8, respectively.

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Avalanche price analysis: Cryptocurrency heat map. Source: Coin360

Avalanche price analysis: 24-hour RSI provides bullish divergence on daily chart

On the 24-hour candlestick chart for Avalanche price analysis, price can be seen forming an uppish triangle over the weekend’s price action. AVAX price has conjured newfound buyer interest to keep $30 target intact over the current trend as price moved above the expected sell-off level at $19.44. The crucial 50-day exponential moving average (EMA) can also be found in that zone which price breached over the past 24 hours to signify the bullish sentiment in the market.

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Avalanche price analysis: 24-hour chart. Source: Trading View

Moreover, the 24-hour relative strength index sits at 48.13, just around the healthy market valuation zone. Trading volume over the past 24 hours dropped more than 22 percent, suggesting that buyers are looking to consolidate over the current trend and short selloffs may need to wait till price reaches $30. The moving average convergence divergence (MACD) also sits above the neutral zone and can be seen forming higher highs currently. However, the bullish thesis can be invalidated with a move down to $13.71. If this zone is further breached, a 45 percent decline from current price may be seen at around $10.

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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