AVAX Price Prediction: Avalanche Building Up; Landslide Next?

Avalanche price continues to be bullish and maps out a rising channel. The bull trend started to build up after AVAX price took support from the rising trendline at $17.25. The upsurge gained momentum when the price rally breached the $18.85 price level making it a strong support. Avalanche may try to test the resistance near $21.35, but the chances of price correction are dominant.

The Monoscope

Source: AVAX/USDT by TradingView

AVAX price forms a rising channel with the price trying to breach the upper trendline. The price took a bullish momentum after bouncing from the support near $17.25, on the rising support line formed from the higher lows. The uptrend marked a rise of more than 20% in the past few days. The trading volume swelled, suggesting increased buyer participation.

The EMA ribbon is below the current price action, suggesting that a bullish trend prevails in the market. The Bollinger Bands diverge in either direction indicating a rise in volatility of AVAX price. An ascending OBV paints a positive picture for Avalanche as a breakout is still due for AVAX price. However, the projected breakout is expected to be short-lived as the price can face resistance near $21.35.

Source: AVAX/USDT by TradingView

AVAX price has begun to spin in bullish swing after a long session of bearish trend, where selling pressure prevailed. The rising trend, according to Super Trends, suggests a volatile movement in Avalanche price. The CCI reaches beyond 220-mark and indicates a positive and vast difference between present price and historical prices. The RSI spikes to the overbought zone to reflect the overwhelmed buyers causing the movement. The MACD forms a positive cross and records ascending buyer bars.

The Microscope

Source: AVAX/USDT by TradingView

In the smaller time frame, AVAX price action suggests a price correction. The Super Trends continue to show a bullish trend, although others begin to reflect bearish transformation. The CCI drops to 280-ranges, indicating a correction in present price and historical price difference. The MACD diverges wide under the bullish influence and records tall buyer bars. The RSI slides to the ceiling range from the overbought zone, suggesting a decline in buying pressure for AVAX.

Conclusion

Avalanche is displaying strong bullish attributes on the daily time frame. The price rally can soon witness a breakout from the rising channel, but it may be welcomed by the sellers waiting to resist the rally near $21.35. The smaller time frame indicates genesis of price correction. If the prices reverse from the resistance, it can find support near $18.85.

Technical levels

Support levels: $18.85 and $17.25

Resistance levels: $21.35 and $23.15

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.