TL;DR Breakdown
- Avalanche price analysis is bullish today.
- Support for AVAX/USD is present at $73.2.
- Resistance for AVAX is found at $81.1.
The Avalanche price analysis is bullish today as the coin continues upside after rallying high yesterday. The price action is steadily upwards, and the coin price has broken above the resistance present at $77 level as this was a crucial resistance zone, and as a result, the coin price is touching $78.4 now.
As the bullish momentum has been quite steady since yesterday, we expect AVAX/USD to march further high later today and challenge the resistance present at $81.1 as there are imminent chances for bulls to continue their lead.
AVAX/USD 1-day price chart: Bulls aiming for $81 as their next target
The 1-day Avalanche price analysis shows the price has increased today as the price function is continuously upwards. AVAX is currently trading hands at $78.4, as the cryptocurrency had gained around 13.2 percent value during the last 24 hours but has lost a value of 18.66 percent over the course of the last seven days due to the strong bearish trend following the market in the past week. However, from yesterday the AVAX/USD pair was successful enough to divert the trends, and now the bulls are moving towards $81 resistance. On the flip side, the AVAX/USD trading volume has decreased by 20.7 percent, but the market cap has improved by 12.3 percent over the last day.
The volatility is high at the present time but is decreasing slowly as the Bollinger bands converge. The mean average of the indicator is present at the $82.6 mark above the price level, while the upper limit of the indicator at $95.4 represents resistance for AVAX, and the lower limit is at $69.9, representing the support for AVAX.
The relative strength index (RSI) is trading in the lower half of the neutral zone at index 47. The RSI curve is upwards as bulls are dominating the price function, and the indicator is showing the strong buying activity in the market.
Avalanche price analysis: Recent developments and further technical indications
The 4-hour Avalanche price analysis shows the price movement is steeply upwards from yesterday as the trends have turned in favor of the bulls. The crypto pair made good progress yesterday and continues upside till now. The price function has been headed upwards for the past 28 hours; a correction may take place as the bulls might be exhausted by now.
The 4-hour price chart shows the volatility has been, as the Bollinger bands are covering more area. In the present circumstances, the upper band at $84.7 presents the resistance level for AVAX/USD pair. At the same time, the lower band of the indicator at $67.7 presents the support.
The RSI is trading at a steep upwards curve at index 51, as it just bypassed the centerline of the neutral zone hinting at the buying activity. The moving average is trading at the $72.6 mark. The SMA 20 curve is still below the SMA 50 curve due to the strong bearish trend prevailing previously.
Avalanche price analysis conclusion
The Avalanche price analysis is strongly bullish for today as the price function is recovering at a good speed. However, the coin price is still comparatively on the lower side, but the trend has changed, and the bullish momentum is strong, which is also proved from the price direction of the last four hours. So we expect the AVAX/USD to continue upside to challenge the resistance present at the $81 mark in the approaching hours. On the other hand, the bulls might be exhausted, and the coin may start correcting for a few hours before continuing upside again.
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