AVAX/USD pair set to spike further in the next 24 hours

TL;DR Breakdown

• Price levels have spiked to $72.10.
• Avalanche price analysis is bullish today.
• Support is quite strong at $67.86.

AVAX/USD has been a solid move, and the breakout looks sustainable, but there is a chance that selling pressure builds up around current price levels as buyers might take profit. The next resistance level lies at $69.45, where the downtrend line is situated. A move above there will open up a path for more upside, while resistance at $72.10 is the final level of significant resistance in this area.

The channel is still valid and shows a long-term uptrend. However, the channel resistance (red) lies at $69.45 and will be tough to overcome, as tested several times already.

Currently, the price of bitcoin is $72.10. As previously mentioned, this has led to an increase in price for Avalanche. The currency has surpassed the $72.00 mark, with the current price of $72.13. This is an increase of $1.10 when compared to yesterday’s value. There are also slight differences compared to 24 hours ago, as the currency was priced at $71.71. As for now, it can be said that the currency’s price is currently on the rise.

AVAX/USD price movement in the last 24 hours: Bullish drive launches price above $72 threshold

The one-day Avalanche price analysis shows that the market’s bullish pattern has not changed, despite bitcoin value falling. The latest rally brought forth a peak at $72.10 top yesterday, with the bulls being able to maintain stability above the $70 mark during today’s early hours.

The currency price is now above the $70.00 threshold, as shown by the one-day chart. This means that there are higher chances that the market’s bullish pattern will continue in the days to come.

AVAX/USD 4-hour price analysis chart: Bulls reclaim $72 position as uptrend strengthens

The hourly price prediction for Avalanche also proved to be accurate. The bulls succeeded in regaining stability at the $70 mark, as the green candle on its hourly chart shows.

AVAX/USD 4-hour price chart. Source: TradingView

The price has risen from $65.43 to $73.81, in line with the SMA 20 and 50 curves’ intense rise in price, resulting in a cross-over between the two. On the other hand, the Bollinger bands indicator shows $73.81 and $65.43 for the upper and lower bands, respectively.

The support level for the price of Avalanche is currently at $67.86, while the resistance level is at one hundred (100). As time progresses, it can be seen that the number of green candles on the SMA 50 curve is increasing, while red ones are decreasing. This indicates a possible rise in an uptrend. In addition, the price of Avalanche is now above the $70.00 threshold.

Avalanche price analysis: Conclusion

Avalanche price analysis shows that AVAX/USD pair rise has strengthened the currency’s uptrend. The bulls have succeeded in regaining stability at $70, while the Bollinger bands indicator shows values of $73.81 and $65.43.

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