Avalanche price analysis: AVAX to retest $72 resistance as bullish momentum rejuvenates

TL;DR Breakdown

• Avalanche price analysis is bullish today.
• Support is present at $68.5.
• Resistance for AVAX is found at $72.2.

The Avalanche price analysis is bullish as the bullish momentum continues, and the price is on the rise today. After getting rejected at $73.5 on 2nd February, the price fell to $67.9, but there on bulls have taken charge again and have been ruling the price function since yesterday. Bulls have made some recovery and are still progressing today as well; further, improvement is also expected over the day.

AVAX/USD 1-day price chart: Price bounces back to $70

The 1-day price chart for Avalanche price analysis shows the bulls have been reigning the price chart for most of the time during the past week, and the trend is the same for today as well. A rise in price has been recorded during the last 24 hours as well, as the price climbed above the $70 level gaining 3.41 percent value over the last 24 hours. The bullish trend is expected to intensify further during the upcoming hours as well.

The volatility for AVAX is slowly decreasing as the Bollinger bands are converging with the upper band at the $89 mark representing the strongest resistance, and the mean average of the Bollinger bands is present at the $71.8 mark. The lower band is trading at $54, representing the strongest support for the AVAX/USD. The price has also moved past the moving average (MA) at $69 today, which is also a bullish crossover.

The relative strength index (RSI) is trading at index 43 in the lower half of the neutral zone on a humble slope, giving a hint for comparatively more buying activity.

Avalanche price analysis: Recent developments and further technical indications

The 4-hour Avalanche price analysis shows the price breakout was downwards today, but bulls swiftly took over late night and continued covering range upwards for the next eight hours. The bulls are continuing their lead at the time of writing and have elevated the price up to $70 level.

The volatility on the 4-hour chart is slightly high, and the Bollinger bands do not show any signs of change. However, the mean average of the Bollinger bands at $69.9 is found just below the price level representing support for AVAX. The RSI also shows an upwards trend indicating the buying activity in the market.

Avalanche price analysis conclusion

The Avalanche price analysis shows the cryptocurrency value has improved today to a good extent as the price has been on the rise for the last eight hours. We expect the AVAX/USD to continue upside in the coming hours, as well as bulls march towards $72 resistance.

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