The Avalanche price analysis is bullish as the bullish momentum continues, and the price is on the rise today. The coin is again maintaining its former price level of the last month as selling pressure is present above $17.6, and bulls are unable to retain the gains made after April 12, 2023. A correction was also observed yesterday when the price spiked to $18.1. This spike in price triggered selling pressure, and a sharp correction, which lasted only for an hour, corrected the price into the $17 range.
AVAX/USD 1-day price chart: Bulls reinstate the upward trend
The 1-day price chart for Avalanche price analysis shows the bulls have been trying to define the price curve upwards for the past few days, and the trend is bullish for today as well. A rise in price has been noted, as the price reached $17.32 today. As we know, selling pressure is present above the current price level, and bulls are retesting the resistance at the moment, so there are ample chances for further price improvement. However, the coin is still at a loss of 8.97 percent for the past week due to the stronger corrections that were observed after April 19, 2023. The trading volume has also increased by 70 percent today.
The volatility for AVAX is slowly increasing as the Bollinger bands are diverging, with the upper band at the $20.7 mark representing the strongest resistance, and the mean average of the Bollinger bands is present at the $18.2 mark. The lower band is trending at $15.8, representing the strongest support for the AVAX/USD. The price is moving towards the moving average (MA), which is at $17.48 today.
The relative strength index (RSI), which indicates a potential increase in buying activity, is currently trading at index 45 in the bottom half of the neutral zone on an upward trajectory.
Avalanche price analysis: Recent developments and further technical indications
The 4-hour Avalanche price analysis shows the price breakout was upwards today, as bulls took the lead back at the end of the previous trading session. After which, bulls recovered the price from the $16 range to $17.3, and the selling pressure is forming again as the price is correcting again.
The 4-hour chart shows a moderately high level of volatility. The Bollinger bands’ top and lower bounds are, respectively, $17.9 and 16.4. But at $17.1, the mean average of the Bollinger bands may be located just below the price level, signifying AVAX’s support. Indicating the market’s selling pressure above the current price level, the RSI also exhibits a flattened curve.
Avalanche price analysis conclusion
According to the Avalanche price analysis, the value of cryptocurrency has significantly increased today as a result of the price’s rise. As bulls advance toward the $17.6 resistance in the hours to come, we anticipate the AVAX/USD to move higher as well. After today’s hourly correction, the price of the coin is expected to continue to rise in the ensuing hours.
