AVAX Price Analysis: Avalanche Coin rises after witnessing a steep fall in price

•AVAX/USD is currently priced at $30.29 and has increased by 4.18% over the past day

•The trading volumes have decreased by 23.46% over the past day

•The technical indicators suggest a hawkish outlook for the near term 

Short Term View: Is this a fresh start for Avalanche Coin?

The Avalanche price today is $30.29 USD with a 24-hour trading volume of $867,340,782 USD. AVAX is up 4.18% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.1064 for the altcoin. 

After a solid hammering, Avalanche Coin came back with decent gains on Friday amid volatility in the markets. The momentum is however, still on the side of the bears as the price are still transacting below the 20,50 SMA on the four hour chart. A four hour close above the $34 resistance level is ideal for the bulls in order to stake a claim for themselves. However, if AVAX loses the recent low or the coin is rejected by the resistance level, it will continue the sell off. This could lead to the asset tumbling down towards the support level placed at $25.

Long Term View for AVAX

The technical indicators suggest that the altcoin is entering a period of consolidation as despite some gains in the past few hours, the RSI indicator is still transacting in the oversold territory and is placed at 29.71. The histograms on the daily MACD chart are red but are decreasing in size on the daily chart. This could kickstart an uptrend for Avalanche Coin, with the development of a bullish crossover on the daily chart. 

Conclusion 

Avalanche Coin has been stuck in a downturn since November when it reached its all time high. The bulls still need to do some work before we see a reversal confirmation.

Support: $27.80-$25

Resistance: $34-$40

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source: https://www.thecoinrepublic.com/2022/05/20/avax-price-analysis-avalanche-coin-rises-after-witnessing-a-steep-fall-in-price/