Avalanche price analysis shows bullish today as the AVAX/USD pair spikes towards $28.18 after a strong bullish run. The AVAX prices are facing resistance at $28.38 and if this is broken, we could see prices move higher towards $30. However, if the $28.38 resistance level holds, we could see prices retreat back towards the $26.71 support level.
Today’s market opened trading at $27.48 and has reached a high of $28.38 at the time of writing this is after the bulls made a strong comeback following yesterday’s dip. The market is currently trading at $28.18, up2.07% on the day. The cryptocurrency has seen a 24-hour volume of $740 million and a total market cap of $8.10 billion.
AVAX/USD 4-hour price chart: Recent developments
The 4-hour price chart for Avalanche price analysis shows that the market has been in a strong bullish trend for the last 4-hours. The market had made higher highs and higher lows, which is an indication that the bulls are in control. Recently, the market dipped below the $28 level but found support at $26.71, which is also the 23.6% Fibonacci retracement level. The market has started to move higher and has broken above the $28 resistance level.
The 50-day moving average is currently at $24.68 and the 200-day moving average is at $22.11. The market is currently trading well above these levels, which is a bullish sign. The RSI indicator on the 4-hour chart is currently at 64.71, which is in bullish territory. However, the indicator is starting to show signs of overbought conditions. The MACD is also moving in the bullish zone as the signal line starts to diverge from the histogram.
Avalanche price analysis 1-day price chart: Cryptocurrency follows uptrend as price trails past $28
The 1-day, Avalanche price analysis shows that prices have been on a constant uptrend in the last few hours and have gained massively in the last 24 hours. The market looks to be in a bullish run as the prices have taken out all the key levels to the upside with ease. Prices have made a new all-time high at $28.18 and currently, look to be consolidating around this level.
The MACD Line( blue) is currently above the signal line(red) which is a bullish sign. The RSI indicator is currently at 79.16 and is in overbought territory. However, the Stochastic indicator is currently at 96.37 and is also in overbought conditions. This means that the market might see a pullback in the near term. The market looks to be in a strong bullish trend as the prices have taken out all the key levels to the upside with ease. The 50 MA and the 200 MA are currently at $21.55 and $22.11 respectively which shows that the market has been in a long-term bullish trend.
Avalanche price analysis conclusion
In conclusion, Avalanche price analysis shows that the market is in a bullish trend as prices step into an ascending parallel channel. The market is in a correction phase as the bulls try to push prices higher. The market is however at a critical juncture as the bulls try to break out of the ascending parallel channel’s upper boundary. Bears will look to retest the $23.67 support level if prices drop below the ascending parallel channel.
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