Avalanche price analysis shows an uptrend as a green candlestick has appeared on the price chart today. Bulls have tried to make a comeback after the price function covered range downwards for the last few hours. The upward movement in price has resulted in it recovering up to $18.12 in the last 24 hours. Though the bulls have dominated the trend for today, the bearish presence is also there, and the broader cryptocurrency market is also under a bearish spell, which has affected the AVAX price function as well.
AVAX/USD 1-day price chart: cryptocurrency is trading in an uptrend
Looking at a 24-hour price chart, the Avalanche price analysis shows chances are increasing for the buyers to secure their permanent lead as the price has been floating above $17.43 and has reached $18.12. In the past few hours, a smaller level of recovery has been reported as the price has increased nominally. The gains have been small, and the chances of an upcoming upswing can be availed if bulls show momentum, which they lack at the moment. The price has been trading lower than the moving average (MA) level as well, which is settling at $17.08 for now.
The volatility is increasing as the price underwent a significant fall in the past week. The Bollinger band indicator in the 1-day chart dictates the following values; the upper value is $19.89 and the lower value is $17.12, which shows that AVAX/USD is facing rejection at the upper level. The Relative Strength Index (RSI) value is seen at 73.73, which shows that the market is still indecisive and needs buyers to take control of the trend.
Avalanche price analysis: Support level at $17.43 level
The 4-hour Avalanche price analysis shows that the bulls are still active, and if the buyers can take control, then a further upswing is expected in the near term. The price has been trading above $17.43 for some time, which is acting as a significant support level. If the price breaks below this level, then further losses are expected. On the other hand, if buyers succeed in taking the price above $18.86, then an upswing is expected in the near term.
The volatility has been increasing on an hourly basis as the Bollinger bands are expanding, and now the upper Bollinger band is at $18.67, and the lower Bollinger band is at $16.71. The RSI score has gone down to index 60.17 as a result of the sudden downfall in price. The moving average is current at $18.03 and is showing signs of a bullish trend.
Avalanche price analysis conclusion
To sum up, the Avalanche price analysis shows that the buyers are trying to take control of the market and increase their presence. The AVAX/USD pair has been trading in an uptrend, and if the bulls can keep their momentum going, then a further upswing is expected.
Source: https://www.cryptopolitan.com/avalanche-price-analysis-2023-01-24/