The Avalanche price analysis shows bullish momentum because the price is presently rising. After the price experienced a substantial decline on April 23, 2023, bulls were able to seize the initiative to drive the price higher and re-challenge the $17.29 resistance. Since then, the price has reached near the resistance. The bulls almost made up for their loss by driving the price up to $17.20, and they’ll attempt to move it past $17.29 soon.
AVAX/USD 1-day price chart: price increases by 1.24 percent as bulls advance
The bullish trend has driven the price up to $17.20 as of this writing, with the next resistance level of $17.29 as the target, according to the 1-day Avalanche price analysis. The market had seen a price decline over the previous two days, but today’s events changed that, and a positive sentiment is evident. The AVAX’s value has grown by 1.24 percent over the last 24 hours and by about 3.57 percent over the last 7 days. Due to a rise in trading volume of 22.81 percent, the market dominance is now 0.48 percent.
The Bollinger bands are convergent, which means that AVAX volatility is also declining. The upper band at the $18 mark represents resistance for AVAX, the mean average of the bands is present at the $17.12 mark, which represents immediate support for AVAX/USD, and the lower limit of the indicator is present at the $16.20 mark, which provides the strongest support for AVAX. The Bollinger bands overall indicate declining volatility for the cryptocurrency. While the moving average (MA) is trading above the SMA 50 curve at the $17.20 mark, the price has also moved past the volatility indicator’s mean average.
In the middle of the neutral zone, at index 55, the relative strength index (RSI), which signals a slight increase in buying activity, is presently moving slightly upward.
Avalanche price analysis: Recent developments and further technical indications
A dip lower toward $16.99 was also seen during the first four hours of the current trading session, but bulls were able to obtain the lead. The 4-hour Avalanche price analysis shows that the price has been moving upward for the last four hours. Bulls are anticipated to once again aim for $17.29, as the price is presently closing in on $17.20.
Although volatility on the 4-hour chart is also rising, the Bollinger bands, especially the bottom band, exhibit signs of divergence outward. But at $17.42, the mean average of the Bollinger bands is higher than the price corresponding to the area of support for AVAX. The RSI displays an upward trend as well, indicating buying action.
Avalanche price analysis conclusion
The Avalanche price analysis shows that, today, the value of cryptocurrency has considerably increased. given that over the last four hours, the price has been increasing. We predict that the AVAX will continue to increase over the coming hours. Despite the possibility of breaking through the $17.29 barrier today, AVAX may trade in the $17 range for the foreseeable future.
Source: https://www.cryptopolitan.com/avalanche-price-analysis-2023-04-04/