Avalanche is a popular multi-chain smart contracts platform that helps to develop decentralized applications, so it is a tough competitor of Ethereum in the blockchain world. At the time of writing this post, AVAX was trading around $21.8, up more than 10% in the last 24 hours. The candlesticks are forming in the upper Bollinger Bands, keeping the higher high pattern that suggests bullish momentum.
The best part is that the AVAX price has crossed the initial resistance of $20. Now the next resistance can be around $25-$30, so it is the right time to invest for the short term. In December 2022, AVAX’s price formed a yearly low of around $10. After that, it recovered now from that level.
Technically we can find a good volume for Avalanche in the daily chart with positive MACD and RSI that suggests a continuation of this upside momentum for the next few weeks. The US FED has increased the interest rate by a quarter percent, but that has not affected the Avalanche trend.
The weekly chart has been in a downtrend, but the recent trend from the last five weeks will suggest a strong bullish momentum if Avalanche crosses $30. The last five bullish candles have crossed the Bollinger Bands baseline with a green histogram of MACD that suggests buying opportunities for investors. Click here to know when is the best time to buy AVAX coin!
This week’s candlestick is breaking the upper Bollinger Bands, suggesting a consolidation for the next few weeks that would be the right time to accumulate AVAX for the long term.
We think you should add the Avalanche to your crypto watchlist and invest at the right time to gain momentum. 2023 will be a tough year for the crypto market because it will be volatile due to inflation, recession, and many other global factors, so you have to keep a close eye on the price and book profit at the right time to avoid volatility.
Source: https://www.cryptonewsz.com/avalanche-turns-bullish-can-avax-bulls-break-past-the-50-usd-mark/