HomeAltcoinsAVAX bullish as price steps into an ascending parallel channel

AVAX bullish as price steps into an ascending parallel channel

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Avalanche price analysis for today illustrates the bulls are gaining some control of the market as prices step into an ascending parallel channel. As seen on the 4-hour chart, AVAX prices have surged by $4.75 percent in the last 24 hours.

The market is currently trading at $16.04 after hitting a high of $16.02 and a low of $14.90. The 24-hour trading volume is $$927,999,100.43, and the total market capitalization is $4.5 billion.AVAX is currently dominating the market with a market share of 0.50 percent. The overall market sentiment is gaining some heat as prices recover from the general market slump.

Avalanche price analysis on a 4-hour price hour chart: Ascending parallel channel

AVAX prices are currently trading above the ascending parallel channel’s midline. The MACD shows increasing bullish momentum, and the RSI is slightly above the 50 level, which indicates that the bulls have some control over the market. If buyers can push prices to break out of the channel’s upper boundary, we can expect AVAX prices to hit the $18.0 level.

AVAX bullish as price steps into an ascending parallel channel
Technical indicators for AVAX/USD 4-hour chart by Tradingview

On the downside, if the selling pressure increases and prices drop below the support at $15.0, we can expect AVAX prices to retest the $13.50 support level. For instance, the moving averages lines are exhibiting a possible breakout upwards as the 20-day and 50-day SMA lines (orange and blue) have crossed to the upside. The 100-day SMA line (black) is slowly following suit which adds credence to the potential for an upward move in prices.

Avalanche price movement in the last 24 hours: Bullish momentum builds

Avalanche price analysis shows AVAX prices in the last 24 hours have recorded a significant surge and have entered the $16.0 level. The market is currently consolidating above the $15.0 support level as bulls try to push prices higher.

The market is expected to continue its upward trend as buyers seek to break out of the ascending parallel channel’s upper boundary. On the downside, if the selling pressure increases, we can expect AVAX prices to retest the $15.0 support level.

The technical indicators on the daily chart show out of the 26 technical indications, 13 are giving out bullish signals, 9 are neutral, and 4 are bearish. The most notable bullish indicators are the moving averages which show a possible breakout upwards, as the EMAs lines have crossed to the upside.

AVAX bullish as price steps into an ascending parallel channel
Technical indicators for AVAX/USD 24-hour chart by Tradingview

The Moving average convergence divergence (MACD) is also giving a buy signal as the MACD line (blue) has crossed above the signal line (red). The upper band of the Bollinger Bands indicator is also trending upwards, which indicates that the market is in an uptrend. While the overall market sentiment is bullish, we cannot ignore the fact that there are some bearish indicators as well. The notable bearish technical indicators are the Relative Strength Index (RSI) and the Awesome Oscillator. The RSI is currently trading at 61.71, which is in the overbought region.

Avalanche price analysis conclusion

In conclusion, Avalanche price analysis shows that the market is in a bullish trend as prices step into an ascending parallel channel. The market is in a correction phase as the bulls try to push prices higher. The market is however at a critical juncture as the bulls try to break out of the ascending parallel channel’s upper boundary. Bears will look to retest the $15.0 support level if prices drop below the ascending parallel channel.

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.

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