Avalanche Price Analysis: Bulls Eye on Today’s Price Closing, AVAX May Increase 15% Ahead

Avalanche coin rises between descending parallel channels.
AVAX Coin’s market cap is up 12% in the green zone to $5.72 billion.
The daily RSI indicator shows a positive sign with support at 30 points.

The price of the Avalanche (AVAX) coin has risen, giving investors a hopeful outlook. Although the coin was able to shatter above $30, the crack was not filled until it hit $40. Within every time frame, price action generates low-lows and low-highs, necessitating buyers to drive asset values above the preceding swing high.

For the previous 15 days, bears have been selling cryptocurrency. When the stock breaks through the support trend line, the bears act forcefully (bottom of the chart). A circle top created in price action around a 45-day high. Buyers, on the other hand, appear to be aggressively pursuing the rise since last night.

In the 4-hours price chart, AVAX Coin has been trading in a descending parallel channel for the past several days. A fall in the crypto market caused the altcoin to reach the support line of the following channel, but buyers held the asset well on the resistance trendline at the time while the coin was trading at $20.20 against USDT.

The market cap of AVAX coin has increased by 12% to $5.72 billion in the last 24 hours. If the bulls close today’s price above the $20 area, nothing can stop the AVAX price rising sharply. Furthermore, Avalanche coins belonging to the bitcoin pair are in the green zone with up 9% to 0.0009908 satoshis.

Market Cap is up 10% Today

Amid the downtrend, AVAX investors have lost a key key area of the Bollinger Bands indicator. The bulls are preparing to push the asset above the lower-band of the BB indicator, where the mid-band will be resistance. Besides, the daily RSI indicator shows a positive sign with support at 30 points.

Conclusion

If the bulls manage the asset above the round level of $20, Avalanche (AVAX) coin could see a further 16% move from the current levels. Meanwhile, the RSI indicator is showing bullish signals till it reaches its half-line.

Support level – $20 and $10

Resistance level – $30 and 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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing