Avalanche price analysis shows sideways price movement for the day as the price is recovering slowly. It appears that after dominating the market for the past week, the bulls have now overtaken the bears. But this does not bar Avalanche from dipping. Today’s market for cryptocurrencies as a whole has somewhat improved.
AVAX/USD has gained over 1.45% in the last 24 hours and is currently trading above the $13.38 level. The bulls might push prices higher to test the $13.56 resistance level. However, if the bears take control of the market, AVAX/USD might drop to retest the $12.87 support level.
AVAX/USD 1-day price chart: Bulls continue to push prices higher
The 1-day Avalanche price analysis suggests that the market has been moving upward from the start of today as seen by the rise to the present price of $13.38. Prices for Avalanche have been confined to a narrow range between $12.87 and $13.56 for the previous few hours as bulls and bears compete for market dominance. Further recovery is possible in the coming days if the bullish momentum extends.
The RSI is currently below 50, which indicates that the market has some room to move higher before becoming overbought. The MACD line is currently below the RSI line indicating that bears are still holding on to the prices despite the bullish action. The Bollinger band indicator shows increasing volatility with the upper band placed on the $20.96 level and the lower band at $13.21. This also shows that the bullish trend may not last long enough.
AVAX/USD 4-hour price chart: Recent updates
The 4-hour price chart for Avalanche price analysis shows that the cryptocurrency has encountered a bullish strike. Prices have recently broken out of a symmetrical triangle pattern which is a bullish sign. The bears will however be looking to take control of the market if prices break below the $12.87 level.
On the technical front, the bulls have come into play after the Moving Average Convergence Divergence (MACD) indicator displayed a bullish crossover. The pair’s Relative Strength Index (RSI) is now higher than 36.73. The Bollinger band indicator is proving contracting volatility indicating limited activity in the market and an upcoming increase in volatility on either side.
Avalanche price analysis conclusion
To conclude, Avalanche price analysis reveals that the cryptocurrency pair is pursuing a completely bullish trend with more potential for bullishness. Fortunately, the market just lost all bullish control, but the bulls are still showing entire steadiness. The price has increased as bulls aim for the $13.5 mark. The technical indicators for the 24-hour and 4-hour time frames all point to continued market advances.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-11-15/