AVAX faces resistance at $19; can bulls probe through – Cryptopolitan

The Avalanche price analysis shows an undecided trend. The recent upward trend was successfully continued by the bulls this week until yesterday by trying to enhance the coin’s value, and they stand victorious. The selling pressure started to appear yesterday, however, their backing stopped the price from falling, and the price of the coin ended the day above its previous ceiling. However, because of the prior selling pressure, the price today slightly dropped to the $19.20 level. 

The bulls were unable to break above the $20 region because of strong selling pressure above the present price level. At the same time, it appears that bulls will not give up easily and that they will try to raise price levels in the coming hours.

AVAX/USD 1-day price chart: Bulls to overcome the selling pressure above the current price level

The 24 hour Avalanche price analysis shows a decline in price today following bullish efforts since yesterday. AVAX has made a small correction after initially seeing resistance near $19.31. The coin saw significant price movement in the bullish direction during the previous week, but today’s loss of 0.12 percent compared to a gain of almost 8.56 percent over the previous seven days suggests that the loss is essentially nonexistent.

The Bollinger bands have an increasing covering area. The lower band, which stands for the support of cryptocurrency, is present at the $16.36 level, while the upper band, which AVAX has crossed, is at the $19.19 level. Even if the relative strength index (RSI) is still near to the overbought area at index 64, there is selling pressure as shown by the negative slope of the RSI.

Avalanche price analysis: Recent developments and further technical indications

According to the 4-hour Avalanche price analysis, bears have been in charge of the market during the first eight hours of the trading session. However, the correction was minimal and controlled. In recent hours, the price levels have started to recover again, and there is a likelihood of the trend turning bullish again.

The broadening of the Bollinger bands suggests that the volatility is greater than usual. The Bollinger bands have a lower band at $17.86 and a top band at $19.59. At the moment, Bollinger bands are generating an average of $18.73. On hourly charts, the moving average is rising and getting closer to the price level. The relative strength index (RSI), which had previously bowed lower and is currently at index 61, has also turned up once more, although it is still in the higher neutral region.

Avalanche price analysis conclusion

Given that the price generally fell, the cryptocurrency is on the road to recovery again, displaying positive indicators in the 1-day and 4-hour Avalanche price analysis. With the price currently at $19.20, we expect it to continue to rise, and the trend may turn bullish for the day.