AVAX spikes towards $20.05 after a strong bullish run

Avalanche price analysis is currently on a strong bullish run, with the AVAX price soaring towards $20.05. The coin has seen a significant surge in price over the past few days and is now looking to continue its upward momentum. However, there is some strong resistance present at $20.38, which could limit the upside potential in the short term. Support for the AVAX/USD pair is present at $19.48.

The AVAX price is currently trading in a strong bullish momentum, with the coin surging by over 1% in the past 24 hours. The coin has broken out of a descending triangle pattern and is now looking to continue its upward move. The coin is trading at $20.05 with a 24-hours trading volume of $487 million and a market capitalization of $5.38 billion which is the 25th largest in the world.

Avalanche price movement in the last 24 hours: AVAX/USD faces resistance at $20.38

Avalanche price analysis shows that the AVAX price is facing some strong resistance at $20.38, However, the break above this level could see the price surge towards $21. The bears tried to push the price lower in the past few hours but the buyers were able to defend the support at $19.48, which is a positive sign.

The coin is currently trading above the 50-day simple moving average and the 200-day simple moving average, which are both bullish indicators. The RSI for the AVAX/USD pair is currently at 63.39, which indicates that the coin is in overbought territory. The MACD for the pair is also in the bullish zone and is currently gaining momentum.

AVAX/USD 4-hour price analysis: Latest developments

In the four-hour Avalanche price analysis, the coin has formed ascending triangle pattern which is a bullish sign. The coin is currently trading above the $20 level and is looking to break out of the triangle pattern. The Moving Average Convergence Divergence line(blue) is moving above the signal line(red), which is a bullish sign.

The Relative Strength Index is moving in the overbought territory, which indicates that the coin is currently in bullish momentum. The digital asset is trading above the 50-day simple moving average and the 200-day simple moving average, which are both bullish indicators.

Avalanche price analysis conclusion

Avalanche price analysis shows bullish momentum and further bullish opportunities. Moreover, the bulls have shown their deterrence and might take control of the market soon for the long term as the market shows massive signs of any change. Therefore, according to this analysis, Avalanche is expected to have a long-term bullish market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.