Avalanche price analysis has revealed the cryptocurrency market is currently in a bullish trend. The market has risen in the past few hours, and AVAX/USD is currently trading at $17.15. The cryptocurrency has been up by over 5 percent in the last 24 hours, and it looks like the bullish trend is set to continue in the near future.
The AVAX/USD pair is currently facing resistance at $17.56, and if the bulls can break this level, the price is likely to rise towards $20. On the downside, support for the AVAX/USD pair is present at $15.93, and if the bears push the price below this level, the pair is likely to decline to $13.50.The 24-hour trading volume for the AVAX/USD pair is $361 million, and the total market capitalization of the Avalanche network is $4.88 billion.
Avalanche price analysis on a 24-hour chart: Bulls in control
The 1-day, Avalanche price analysis shows that prices have been on a constant uptrend in the last few hours and have gained massively in the last 24 hours. The market looks to be in a bullish run as the prices have taken out all the key levels to the upside with ease. Prices have made a new all-time high at $17.56 and currently, look to be consolidating around this level.
The MACD on the 1-day timeframe is currently in the bullish zone as the signal line has crossed above the histogram. The RSI for the AVAX/USD pair is currently near the overbought levels, which indicates that the market is currently overbought and a correction might happen soon. The 50-day simple moving average is currently at $12.21, and the 200-day simple moving average is $8.64.
Avalanche price analysis on a 4-hour chart: Bullish run in the play
On the 4-hour chart, Avalanche price analysis shows that prices have taken out all the key levels to the upside with ease as the market looks to be in a bullish run. The price is expected to continue to rise as the market looks to be in a bullish trend. AVAX/USD indicates that the buyers are currently in control of the market as they look to push prices towards the $20 level.
The AVAX/USD appears to be crossing over into the overbought territory on the 4-hour timeframe as the RSI is currently at 71.46. The MACD for the AVAX/USD pair is moving in the bullish zone, and the signal line is currently above the histogram. The 50-day simple moving average is moving above the 200-day simple moving average, which indicates that the market is in a bullish trend.
Avalanche price analysis conclusion
Avalanche price analysis shows that the AVAX/USD pair is currently in a bullish trend and is expected to continue to rise in the near future. The market looks to be consolidating at the moment as it prepares for its next move. The technical indicator analysis on the 4-hour timeframe and 24-hours shows that the market is in a bullish trend and is expected to continue to rise.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-07-04/