TL;DR Breakdown
- Avalanche price analysis is bullish today.
- AVAX/USD is currently trading at $81.2
- Selling pressure is slowly returning.
AVAX/USD is currently trading at $81.2. Analysts predict the price to remain bullish, reaching highs of up to $88 soon. A sell-off was experienced yesterday after the initial pump, where it rose from lows of $72 to peaks of $86. The selling pressure has started to return. However, there is still some room for more upwards movement.
Looking at the hourly chart, we can see that price action has now found support against the 100 hour EMA; it also seems to be finding support on a bullish trend line which could continue providing support moving forward. A strong resistance exists just below $83. If price action can break above this level, we could continue the upward movement.
Avalanche price movement in the last 24 hours: Avalanche rejects lower, prepares to retrace
A break below the trend line would confirm a bearish pressure within the market. If this happens, AVAX/USD could correct down to around $75 over the next couple of days. However, if price action manages to stay above the 100 hour EMA, there is no reason why it couldn’t reach highs of $88+. The next few days are important as 50/50 support will be broken on either side.
AVAX/USD is pushing upwards; however, some selling pressure is returning. It has managed to find support and some room for more upward movement exists. This week will decide for Avalanche as we near closer to its end of year targets.
AVAX/USD 4-hour chart: retests upside before starting to retrace?Â
The 4-hour chart shows some signs of a downward correction before the expected bullish run. For this reason, we expect AVAX/USD to continue its journey upwards, and we can see it reaching highs of $88+ soon. If selling pressure returns and manages to break below lows of $76, we could see AVAX/USD retracing towards floors of $70 or even lower.
The hourly and 4 hour charts seem to contradict one another, and we will have to see how the market performs in the next few days.
The price of the Avalanche has been rising steadily in recent weeks. The previous low was established at $65 on the third of February after a sequence of somewhat higher highs and lows.
The RSI indicator has recently touched the 50 mark, but it could fall again to increase buying pressure. The EMA 50/200 on the daily chart continues its bullish trend and shows that it will continue.
The indicators seem to contradict one another; however, it should break through $100 within the next few weeks if the price reaches higher levels. These targets are bold, so we will have to wait and see how things play out for this prediction to come true.
The MACD indicator shows a bullish trend, but its lines are beginning to intersect, indicating a correction in the coming days.
Avalanche price analysis: ConclusionÂ
Avalanche price analysis is bullish today. Analysts predict the price to remain bullish, reaching highs of up to $88 soon. A sell-off was experienced yesterday after the initial pump, where it rose from lows of $72 to peaks of $86. The selling pressure has started to return; however, there is still some room for more upwards movement.
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