Avalanche price analysis reveals that the AVAX/USD pair has seen a lot of volatility in the past 24 hours, with prices rocketing higher and then quickly retracing some of those gains. At the time of writing, AVAX is trading up over 1.72 percent at its current price of $24.48, which marks a slight increase from its daily lows of $22.0 that was set earlier today. The 24-hour trading volume for AVAX is currently at $567,456,820.59, and the cryptocurrency has a market capitalization of $6.87 billion.
From a macro perspective, it does appear that AVAX prices are steps closer to a breakout, as the digital asset has been able to form higher lows throughout the past few days while prices have hovered around the $22.0 region. The bulls will need to push and sustain prices above $25.00 in order for a breakout to occur, but the technicals are looking promising at the moment.
Avalanche price movement in the last 24 hours: Bullish momentum gathers
On the daily chart for Avalanche price analysis, it does appear that AVAX prices are beginning to show some signs of bullish momentum gathering. The Relative Strength Index (RSI) indicator is currently reaching overbought levels, which could lead to a short-term pullback in prices.
The Stochastic RSI is also in overbought territory, which supports the premise that AVAX prices may soon retreat back down to the $22.0 region in the near term. If the bulls are able to maintain control over AVAX’s price action and push prices above $25.0, then it is highly likely that we will see a breakout soon.
The MACD line is currently on the verge of crossing above the signal line, which would indicate that bullish momentum is beginning to gather. The 200-day moving average is currently providing some support for AVAX prices, and if the bulls can push prices above $25.0, then it is highly likely that we will see a breakout soon.
From a technical perspective, it does appear that AVAX prices are currently sitting on support around the $23.50 region, as this is where the cryptocurrency found buyers throughout yesterday’s sell-off. If the bulls can defend this level, there’s a good chance that they will push prices back up towards $25.0 in the near term.
Avalanche price analysis: Recent developments and further technical indications
On the 4-hour price chart, Avalanche price analysis indicates that out of the 26 major technical indicators, 20 are giving bullish signals, four are bearish, and two are neutral. The most important development for AVAX is that the token has managed to reclaim the $24.0 level, which was previously acting as resistance.
The EMAs are currently giving a bullish crossover signal, which indicates that the bulls are in control of AVAX’s price action. For instance, the 50-day EMA is currently providing support for prices around the $24.0 region, and if the bulls can push prices above the $25.0 level, it is highly likely that we will see a breakout soon.
The MACD indicator on the 4-hour chart is presently giving a bullish crossover signal, which indicates that the bulls are in control of AVAX’s price action. The Relative Strength Index (RSI) indicator is currently sitting at 61.1, which indicates that the market is currently in neither overbought nor oversold territory.
The Stochastic RSI is currently giving a bullish crossover signal, which indicates that the bulls are in control of AVAX’s price action while the moving averages are currently giving a bullish crossover signal.
Avalanche price analysis conclusion
Today Avalanche price analysis is showing that the AVAX/USD pair is set to make a move in the near future, but it is still unclear which direction it will take. The next level of resistance lies at $25.0, and if the bulls can push prices above this level, it is highly likely that we will see a breakout soon. On the other hand, if the bears can push prices below $23.5, it’s possible that we will see further sell-off towards the $22.0 region. Overall, the market looks to be setting up for a breakout in either direction, and it will likely be determined by whether or not the bulls can defend the $23.50 support level in the near term.
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