Avalanche Price Analysis: AVAX/USD bullish for the next 24 hours

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  • AVAX/USD is currently trading at $94.04.
  • Avalanche price analysis is bullish.
  • Support is retained at $89.

Today’s Avalanche price analysis shows signs of a bullish trend gaining momentum.  AVAX/USD is currently trading at $94.04, up 7.23% in the past 24 hours, with a volume of $3,487,978.  The market closed yesterday on positive momentum and is opening today with strong bullish signs adding to yesterday’s breakout above the resistance trend line.  A break above this resistance trend line could see AVAX breaking out against the USD in the short term.

Yesterday saw an increase in bullish volume, which has increased further overnight, indicating that buying pressure for Avalanche remains relatively high.  This increase in buying pressure could see AVAL breaking out against the dollar today if the momentum continues over the course of the day.

The technical indicators on the 1-hour chart are beginning to show signs of a bullish trend; however, they remain indecisive as momentum is building.  A volume spike may indicate further gains for Avalanche if it surpasses its previous high of $111.67 today.  If the volume doesn’t increase or even decrease from its current position, we could see a retracement back to support at around $80 within the near future. The market closed yesterday with a strong bullish candle adding to yesterday’s breakout, suggesting a continuation of this bullish momentum that will play out over the next 24 hours unless other low forms below last week’s low at $86.

AVAX/USD is one to watch closely in the near term.  A breakout trading higher than its previous high of $111.67 will indicate further gains are on the horizon for Avalanche until resistance is found at around $97 – $100.  Volatility remains high, so be sure to monitor your entry closely, but any positive momentum could see the price test previous highs in the coming days.

AVAX/USD 4-hour price analysis chart: Recent developments and further technical indications

The 4-hour Avalanche price forecast predicts a substantial increase in cost, with bulls having led the price function. In the last four hours, a rise in coin value has been observed, and the price has recovered to $91.6. For the past several hours, prices have been steadily rising; bulls reclaimed control after a bearish downturn late at night. The price is now trading at around $87 for the 4-hour time frame on the 4-hour price chart.

Avalanche Price Analysis: AVAX/USD bullish for the next 24 hours 1
AVAX/USD 4-hours price chart. Source: TradingView

The volatility has been low; as can be seen, the Bollinger bands maintain a similar distance, implying that price changes may be limited in the future. This has resulted in the upper Bollinger band rising to $92.217 and the lower Bollinger band touching $82.25. As a result, the RSI curve is climbing, with index 56 being uplifted after purchasing activity accelerated recently.

On the 4-hour chart, the price has breached an ascending trend line with support at $89. The 50 Moving Average is also located below the 100 and 200 Simple Moving Averages, strengthening upward movement. Furthermore, a support retracement level of 38.2% ($80) denotes strong levels of support for the price of Avalanche.

Avalanche Price Analysis: Conclusion

The Avalanche price analysis indicates that in the previous 24 hours, there has been an increase in the market price as the bullish momentum has taken control. Since yesterday, the cost has been following a positive trend, and today it rose to $91.6. In the coming hours, the volatility may increase. For the next 4 hours, Avalanche will likely continue trading at $87 given that buying pressure remains high and the price of Avalanche has increased.

Source: cryptopolitan.com

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