Avalanche price analysis reveals that the cryptocurrency is currently trading at $12.99 after a slight increase of 2.50 percent over the last 24 hours. The market capitalization of the digital asset stands at $3.90 billion, and the 24-hour trading volume is recorded at $163 million. The Bullish momentum is the result of a strong win in recent trading sessions, with resistance levels at $13.21 and support levels at $12.69.
Avalanche price analysis 4-hour chart: Bulls stumble to keep control
The hourly Avalanche price analysis chart reveals that the cryptocurrency has been following an uptrend for the last 4- hours. On the other hand, the price has seen a slight downtrend over the last few days as the market corrects itself after a strong rally. The bullish momentum may continue in the near term if the price can stay above the key support level of $12.69 and break through the resistance at $13.21.
The 4-hour MACD reveals increasing bullish momentum in the market as the signal line crosses above the histogram, which indicates that the price may continue to rise in the near future. The RSI indicator is also moving in the overbought region, which indicates that AVAX/USD may see a slight correction before it can resume its upward trend. The 50-day simple moving average is also above the 200-day simple moving average, which indicates that overall market sentiment is positive.
AVAX/USD 1-day price chart: Price moving unboundedly upwards
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 $12.69 to its current price level. However, the market may see a correction in the near future as the RSI indicator is currently in the overbought region.
The 1-day MACD for AVAX/USD is currently at 0.08220, which indicates a slight bullish momentum in the market. The Relative Strength Index is currently at 37.67, and a break below 37.67 could signal a price correction. The 50-day simple moving average is currently at $15.03, and the 200-day simple moving average is at $11.89, 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 $12.99 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 $12.69 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-2022-11-26/