TL;DR Breakdown
- Price levels have raised to $72.10.
- Avalanche price analysis shows uptrend.
- Support is quite strong at $67.86.
The Avalanche price analysis shows an increasing trend for the market today, as the price underwent recovery. The bulls have succeeded in gaining stability, as the market has been consistently following a bullish trend for the past few days. Today, a significant increase in coin value was detected as well as the price surpassed $72.10 top. There are high chances that the current bullish trend will intensify in the upcoming week.
AVAX/USD 1-day price chart: Bullish drive launches price above $72 threshold
The one-day Avalanche price analysis predicts a strong bullish trend for the day, as the bulls have been ruling the price chart for the past 24 hours. The coin value is growing tremendously, as the market has been consistently following an increasing trend. The AVAX/USD value is now standing at a $67.86 high, and a further increase is possible if the bullish trend aggravates further. The moving average (MA) value is at the $67.86 level for now.
The volatility decreases as the Bollinger bands converge, indicating that further upturn in price is possible in the future. If we talk about the Bollinger bands indicator, the upper band is standing at $96.844 edge, whereas the lower band is present at $53.33 point. The Relative Strength Index (RSI) score has improved tremendously because of the recent bullish wave, reaching 43.83.
Avalanche price analysis: Bulls reclaim $72 position as uptrend strengthens
The hourly price prediction for AVAX/USD is going in favor of bulls, as the price followed a strong bullish trend in the past few hours. The short-term trending line is moving upwards, indicating that the bulls have successfully overpowered the bears. Currently, the cryptocurrency value is standing at $72.00, and it is expected to heighten further in the approaching hours. The moving average value is now lower than the coin value, i.e., $69.71.
A cross-over between the SMA 20 curve and the SMA 50 curve is also being recorded due to the intense rise in price. Whereas the Bollinger bands indicator shows the following values; the upper value is at $73.81, while the lower value is at $65.43. The RSI score has enhanced up to 61.42 due to the bullish price movement.
The price trends have constantly fluctuated for the past few months, as the bulls and the bears have been competing for the lead. This is why the technical indicators chart is giving out a neutral signal. There are ten indicators on the neutral side, six on the buying side, and eight on the selling side.
On the other side, the Moving averages indicator supports the sellers by giving out a bearish signal. There are eight indicators in the selling position, four in the buying, whereas only one is in the neutral position. The Oscillators are giving out a bullish signal for the day due to the price rise, and nine oscillators are at the neutral point; two are at buying while zero oscillators are there at the selling point.
Avalanche price analysis conclusion
The given hourly and daily Avalanche price analysis shows strong support for the buyers because of the price rise. The market has been following an upward trend for the past week, and today a considerable amount of improvement in coin value was observed once again. The AVAX/USD value now stands at $72.10, and chances of further growth seem quite near.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2021-02-01/