Avalanche price analysis is bullish today as the market gears up for a breakout from the descending triangle pattern. The AVAX/USD pair is currently trading at $23.85 and is facing resistance at $24.09. If the price breaks out of this resistance, it can rally up to the $25 level in the next 24 hours. AVAX/USD found support at $22.33 and breaking below this level can result in a sell-off to the $21.50 level.
Avalanche Price Analysis for 1-day: price rises to $23.85 as bullish trend aggravates
The 1-day chart for Avalanche price analysis shows that the digital asset has been on a strong uptrend in the market and has gained over 3.19 percent in the last 24 hours. The 24- hour volume for the digital asset stands at $664 million, and the total market capitalization for the digital asset is currently at $6.7 billion. The bears are currently trying to push prices lower, but the $24.09 resistance level is proving to be a tough nut to crack.
The Relative Strength Index (RSI) for the pair is currently at 70.37 and is showing no signs of weakness in the market. The MACD indicator for the pair is currently in the bullish zone, and the prices are trading well above the moving averages. The MA 50 is currently at $18.82, and the MA 200 is currently at $15.76 which is a clear indication that the bulls are in control of the market.
AVAX/USD analysis on a 4-hour price Chart: Ascending parallel channel
The 4-hour chart for AVAX prices shows that the digital asset has formed an ascending parallel channel and is currently trading near the upper boundary of the channel. The prices have recently broken above the $24 level and are now facing resistance at $24.09.The market has made highs and higher lows, which is a bullish sign.
The bulls emerged after the Moving average convergence divergence (MACD) indicator showed a bullish crossover after a long period of consolidation in the market. The Relative strength index (RSI) for the pair is currently above the 60 level, which is a bullish sign. The MA50 is moving towards the MA200, which is a bullish sign.
Avalanche price analysis conclusion
To conclude, Avalanche price analysis indicates that the cryptocurrency behavior suggests that it is following a complete bullish trend with further bullish potential. Fortunately, the market has recently fallen under the complete bullish dominion but exhibits signs of total stability from the bulls. The price has moved higher as bulls attempt to target the $25.00 level. The 24-hour and 4-hour technical indicators all suggest further gains in the market.
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Source: https://www.cryptopolitan.com/avalanche-price-analysis-2022-08-03/