Today Avalanche price analysis shows that the price of Avalanche is up again as bullish momentum builds and inflates to $11.78. Resistance for AVAX/USD is present at $11.87, while support for the Avalanche coin is seen at 11.49. The bullish upswing has resulted in an impressive enhancement in the price as its value has upgraded to $11.78 from $11.49 in the last 24 hours.
The AVAX/USD is trading in the green on the intraday charts and looks set for more upside in the near term. The coin is up by over 0.78% in the last 24 hours and is currently trading at a price of $11.78 mark. The market capitalization of the coin has also increased to $3.667 billion, and the 24-hour trading volume is reported to be $97 million.
Avalanche price action on a 1-day price chart: AVAX/USD trades above $11.49
Avalanche price analysis on the 1-day price chart shows that AVAX/USD pair has been trading with a positive bias. The pair has formed higher lows and higher highs which is a bullish sign the price action recently had a breakout above the ascending triangle pattern that had developed over the past 24 -hours which is a bullish sign. The Moving average indicator is currently at the $11.95 level and is sloping upwards which is also a bullish sign for the AVAX price.
The volatility is mild as the Bollinger bands continue to follow the same movement, and the price seems to be not breaking out of the range it has been following for the past month. The upper limit of the Bollinger bands is present at the $14.45 mark, and the lower band is at the $11.10 mark; the average of the Bollinger bands is present at the $12.78 level. The relative strength index (RSI) is trading at index 41.87 in the upper half of the neutral range on an upwards slope indicating the buying activity in the market.
AVAX/USD 4-hour price action: Recent developments and further technical indications
The 4-hour price chart for Avalanche price analysis shows the price breakout was downwards at the start of today’s trading session, as the coin was in correction for 12 hours, and there on, bulls took the lead back and enhanced the price to $11.78 as they started the upwards march again. Bulls have recovered the price to a level where the bullish trend has been reinstated.
The bullish return is also obvious from the RSI curve as well, as it has turned upwards at an index of 43.79. The moving average is also trading far below the price level at the $11.73 mark, and the volatility seems high on the 4-hour chart as well, with the upper band at $12.09 and the lower band at $11.49.
Avalanche price analysis conclusion
Overall, the Avalanche price analysis is bullish as the pair has managed to retrace back above the $11.49 level and looks set to continue higher in the near term. The coin is recovering from the correction it had faced, and bulls look in control of the market at this moment.
Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-12-23/