Avalanche price analysis indicates Avalanche’s native token, AVAX, has been on a tear in recent weeks, as the price of the token surged by over 4 percent in the past 24 hours. The rally comes as Bitcoin and Ethereum prices have both seen a slight pullback from their all-time highs. At the time of writing, AVAX is trading at $15.29, up 0.66 percent in the past 24 hours. The token has a market capitalization of $4.3 billion and is the 17th largest cryptocurrency by market cap.
Avalanche price movement in the last 24 hours: Bullish momentum builds
Avalanche price analysis shows AVAX prices in the last 24 hours have recorded a significant surge and have entered the $16.0 level. The market is currently consolidating above the $15.0 support level as bulls try to push prices higher.
The market is expected to continue its upward trend as buyers seek to break out of the ascending parallel channel’s upper boundary. On the downside, if the selling pressure increases, we can expect AVAX prices to retest the $15.0 support level.
The technical indicators on the daily chart show out of the 26 technical indications, 13 are giving out bullish signals, 9 are neutral, and 4 are bearish. The most notable bullish indicators are the moving averages which show a possible breakout upwards, as the EMAs lines have crossed to the upside.
The Moving average convergence divergence (MACD) is also giving a buy signal as the MACD line (blue) has crossed above the signal line (red). The upper band of the Bollinger Bands indicator is also trending upwards, which indicates that the market is in an uptrend. While the overall market sentiment is bullish, we cannot ignore the fact that there are some bearish indicators as well. The notable bearish technical indicators are the Relative Strength Index (RSI) and the Awesome Oscillator. The RSI is currently trading at 61.71, which is in the overbought region.
AVAX/USD analysis on a 4-hour price Chart: Ascending parallel channel
The 4-hour chart shows AVAX prices have been trading inside an ascending parallel channel since March 16, 2022. The market has made two unsuccessful attempts to break out of the upper boundary of the channel. However, the third attempt looks promising as the price is currently trading at $15.40, which is just below the upper boundary of the channel.
The MACD on the 4-hour chart is giving a buy signal as the MACD line (blue) has crossed above the signal line (red). The RSI is also in the overbought region, which indicates that the market is overextended. However, we cannot discount the possibility of a breakout to the upside.
The next level of resistance is at $16.50, which is the upper boundary of the ascending parallel channel. On the downside, if the market fails to maintain its current momentum, we can expect AVAX prices to retest the $15.0 support level.
Avalanche price analysis conclusion: AVAX remains in a bullish trend
Avalanche price analysis shows that the market is in a bullish trend as prices remain above the $15.0 support level. The technical indicators on the daily and 4-hour charts are giving mixed signals. However, the overall market sentiment is bullish, which indicates that the market is likely to continue its upward trend.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-06-19/