Avalanche price analysis shows that AVAX prices have been on a bullish run in the past 24 hours. The market sentiment remains bullish as prices continue to remain above $25.65. AVAX prices have seen a slight pullback in the past few hours, however, the overall market sentiment remains bullish. Prices are currently trading just below the resistance level of $26.10. Key support levels to watch out for are $23.23. A break below either of these levels could signal a change in the market sentiment.
The digital asset market has been on a tear lately with other major cryptocurrencies all hitting new all-time highs. AVAX prices have been stuck in a tight range between $23.23 and $26.10 for the past few days as the 24-hour trading volume is currently at $1,118,919,341. The total market capitalization is currently at $7,273,988,255 as the digital asset remains in the top 30 largest cryptocurrencies by market cap.
AVAX/USD 1-day price chart: Bullish momentum builds
The 1-day Avalanche price analysis shows that the market has been in a strong uptrend since early today as the price surged from $24.37 to reach the current high of $25.65. The market is currently facing resistance at the $26.10 level. If the price can break above this level, it could move towards the $27 region. On the other hand, if the price fails to break above this level, it could correct lower towards the $23 support level.
The 50 Simple Moving Average (SMA) on the 1-day chart is currently providing support to the price at $21.62. The 100 SMA at $22.09 is also expected to provide some support in case of a pullback. The Relative Strength Index (RSI) indicator on the 1-day chart is currently near the overbought levels, which could mean that the price is due for a correction in the near term. The moving average convergence divergence (MACD) on the 1-day chart is currently in the bullish territory, which indicates that the bulls are in control of the market.
Avalanche price analysis: Recent developments and further technical indications
The 4-hour Avalanche price analysis shows that the market has been in an ascending parallel channel for the last 4-hours. The market recently broke out of this channel to the upside which signals that the bulls are in control of the market. The bears are currently trying to push the prices back into the channel. If they are successful, the price could correct lower towards the $23.23 support level.
The MACD on the 4-hour chart is currently moving in the bearish territory, which indicates that the bears are trying to take control of the market. The RSI indicator on the 4-hour chart is currently moving above the 50 level, which indicates that the bulls are in control of the market. The 50 SMA and the 100 SMA are currently showing a bearish crossover which is a sign that the trend could reverse in the near future.
Avalanche price analysis conclusion
The overall market sentiment for Avalanche price analysis remains bullish as prices continue to recover from the recent pullback. The bears may try to take control of the market in the near term, however, the bulls are expected to defend the $23.23 support level. The market sentiment could change if the price breaks below this level.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-07-20/