AVAX spikes towards $17.15 after a strong bullish run

Avalanche price analysis has revealed that the cryptocurrency market is currently in an uptrend. The market has been rising for the past few hours and AVAX/USD is currently trading at $17.15. The cryptocurrency is up over 5 percent in the last 24 hours and it looks like the uptrend will 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 rally towards $20. On the downside, support for the AVAX/USD pair stands at $15.93 and if the bears sink the price below this level, the pair is likely to drop to $13.50. The 24-hour trading volume for the AVAX/USD pair is $361 million, and the total market cap of the Avalanche network is $4.88 billion.

Avalanche price analysis on a 24-hour chart: bulls in the grip

The 1-day Avalanche price analysis shows that prices have been in a constant uptrend for the past few hours and have seen massive gains over the past 24 hours. The market appears to be in an uptrend as prices have taken all major levels higher with ease. Prices have made a new all-time high of $17.56 and are currently appearing to be consolidating around this level.

Picture 39
AVAX/USD 1-day price chart, Source: TradingView

The MACD on the 1-day time frame is currently in the bullish zone as the signal line has crossed over the histogram. The RSI for the AVAX/USD pair is currently near the overbought level, which suggests that the market is currently overbought and a correction might occur soon. The 50-day simple moving average is currently $12.21 and the 200-day simple moving average is $8.64.

Avalanche course analysis on a 4-hour chart: bullish run in the game

On the 4-hour chart, Avalanche price analysis shows that prices have taken all the major levels up with ease as the market appears to be in an uptrend. The price is expected to continue increasing as the market seems to be in an uptrend. AVAX/USD is indicating that the buyers are currently controlling the market as they attempt to push prices towards the $20 level.

Picture 38Picture 38
AVAX/USD 4-hour price chart, source: TradingView

AVAX/USD appears to be crossing into overbought territory on the 4-hour timeframe as the RSI currently stands at 71.46. The MACD for the AVAX/USD pair is floating in the bullish territory and the signal line is currently above the histogram. The 50-day simple moving average is trading above the 200-day simple moving average, which indicates that the market is in an uptrend.

Conclusion of the avalanche price analysis

Avalanche price analysis indicates that the AVAX/USD pair is currently in an uptrend and it is likely to rise further in the near future. The market currently appears to be consolidating as it prepares for its next move. The analysis of the technical indicators for the 4-hour period and 24-hour shows that the market is in an uptrend and is expected to continue to rise.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com is not liable for any investments made based on the information provided on this page. We strongly recommend independent research and/or advice from a qualified professional before making any investment decisions.

Leave a Comment

Your email address will not be published.