Avalanche price analysis reveals that the cryptocurrency is currently trading at $12.86 after a slight increase of 2.87 percent over the last 24 hours. The market capitalization of the digital asset stands at $4,002,080,888, and the 24-hour trading volume is currently at $149,004,172. The Bullish momentum is the result of a strong win in recent trading sessions, with resistance levels at $13.06 and support levels at $12.39.
Avalanche price analysis 1-day price chart: Bulls stumble to keep control
The 1-day Avalanche price analysis chart shows that the cryptocurrency is currently trading in an ascending channel. The digital asset has seen a strong rally over the last few days as it surged from $12.39 to its current price level. The upper limit of Bollinger’s band is present at $20.965, which serves as a resistance point for AVAX. Conversely, the lower limit of Bollinger’s band is currently at $13.217, which serves as another support point for AVAX.
The Relative Index Strength (RSI) indicator is currently at 52.50 which reveals that the market is neither overbought nor oversold. The 50-day simple moving average is currently at $13.4515, and the 200-day simple moving average is at $13.2180, which shows that overall market sentiment remains positive for the cryptocurrency.
AVAX/USD analysis on a 4-hour price Chart: Latest development
The hourly Avalanche price analysis chart reveals that the cryptocurrency has been following an uptrend for the last 4- hours. The bullish momentum may continue in the near term if the price can stay above the key support level of $12.39 and break through the resistance at $13.06.The market’s volatility moves in an upward direction, making cryptocurrencies increasingly vulnerable to abrupt changes at either extreme. . As a result, the upper limit of Bollinger’s band rests at $16.0936, serving as another support point for AVAX and the lower limit of Bollinger’s band is present at $12.6346, serving as a support point for AVAX.
The 50-day simple moving average is also above the 200-day simple moving average, which indicates that overall market sentiment is positive. The Relative Strength Index is currently at 36.73, and a break below 36.73 could signal a price correction, which shows that overall market sentiment remains positive for the cryptocurrency.
Avalanche price analysis conclusion
The one-day and four hours Avalanche price analysis is indicating a bullish trend for the day as the price is on its way to recovery once again. The AVAX/USD value is now standing at $12.86 and it can be expected that further upside is coming ahead. The bullish momentum is likely to continue in the near term as the support level at $12.39 is holding strong so far, but it may be breached in case of a further increase in trade volume.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-202-11-30/