Avalanche price analysis shows that the market sentiment is currently bullish and prices are expected to rise in the near future. The key support for AVAX prices is seen at $28.26, while resistance is seen at $30.26.The breakout was seen at the beginning of this yesterday’s opening of the trading session and since then the prices have surged by over 2.63 percent.
The digital asset AVAX has been on a roll lately and has posted some impressive gains in the last 24 hours. At the time of writing, AVAX is trading at $29.68. The market capitalization of the digital asset has also surged to $8.4 billion from the previous one of $7.7 billion, and the 24-hour trading volume is recorded at $578,693,953. The digital asset has gained a lot of traction in the last few days and has emerged as one of the top performers in the cryptocurrency market after the recent market turmoil.
AVAX/USD 1-day price chart: Firm bullish sentiment forms
The daily chart for Avalanche price analysis shows that the prices have been on a constant uptrend in the last few hours and have gained massively in the last 24 hours. The prices have broken out past the $28 support level and are currently facing resistance at $30.26. The 24-hour chart for AVAX shows that the prices have formed a bullish flag pattern and are currently trading above the $29 level.
The MACD indicator has crossed into the bullish zone and is currently above the zero line, which indicates a bullish market sentiment. The RSI indicator is currently at 73.48 and is well above the 50 level, which indicates that the prices are currently in overbought territory. The MA 50 and MA 200 are both sloping upwards, which indicates that the prices are in a strong uptrend.
Avalanche price analysis on a 4-hour chart: Recent developments
The 4 hourly chart for Avalanche price analysis shows that the prices have formed ascending triangle pattern and are trading above the $29 level. The prices have also broken out of the $30 resistance level and are currently facing resistance at $30.26.
The MACD indicator is currently indicating line blue and is trading above the signal line, which indicates a bullish market sentiment. The RSI indicator is currently above the 70 level, which indicates that the prices are in overbought territory. The MA 50 is currently sloping upwards, while the MA 200 is horizontal, which indicates that the prices are in a strong uptrend.
Avalanche price analysis conclusion
To conclude, Avalanche price analysis shows that the market sentiment is bullish and investors are advised to buy AVAX at current levels for the long term. The digital asset is expected to break out of the $30.26 resistance level soon and move higher towards the $31.00 level. However, bears can take control of the market if the prices start to move below the $28.26 level.
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