HomeAltcoinsBullish clouds gather as AVAX steps to the $26.96 mark

Bullish clouds gather as AVAX steps to the $26.96 mark

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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 $26.96 and is facing resistance at $27.66. If the price breaks out of this resistance, it can rally to $28.00 in the next 24 hours. AVAX/USD found support at $24.10 and has moved into a retracement since, which should continue later today. Yesterday we saw a drop in Bitcoin’s price which caused a sell-off in the Altcoin market. However, Avalanche has held its own and is now preparing for a breakout.

Bullish clouds gather as AVAX steps to the $26.96 mark
Cryptocurrencies prices heatmap, source: Coin360

The digital asset is currently in a descending triangle pattern which is a bearish reversal pattern. This means that the market is likely to move lower after the breakout. However, the price has found support at $24.10 and has started to move higher. The market cap on 24-hour adjusted volume stands at $7,571,242,557, and the total market cap stands at $666,058,925. while the token is ranked at 39th position on CoinMarketCap.

Avalanche price analysis on a 1-day price chart: AVAX/USD upgrades to $26.96 after bullish efforts

The 24-hour chart for Avalanche price analysis shows that the market has been in a descending triangle pattern for the past few days. The price is currently trading at $26.96, and the 24-hour adjusted support lies at $24.10. The market is likely to continue its upward move and break out of the descending triangle pattern in the next 24 hours.

Bullish clouds gather as AVAX steps to the $26.96 mark
AVAX/USD 1-day price chart, source: TradingView

The volatility is high at the present time but is decreasing slowly as the RSI is currently at 65.04, and the MACD shows a bearish crossover as the signal line crosses over the histogram. The 200-day moving average is presently at $32.42, and the 50-day moving average is $29.48.

AVAX/USD 4-hour price chart: Bulls aiming for $28 as their next target

On the 4-hour chart for Avalanche price analysis shows that the market is currently following an ascending channel pattern. The market is expected to retrace lower in the next few hours as the RSI is presently at 61.91 and is overbought. The MACD shows a bearish crossover as the signal line crosses over the histogram, and the 200-day moving average is presently at $30.44. The 50-day moving average is presently at $28.52.

Bullish clouds gather as AVAX steps to the $26.96 mark
AVAX/USD 4-hour price chart, source: TradingView

The market is expected to move lower in the next few hours as the bulls take a break and the bears try to push the market lower. However, the market is likely to find support at $24.10 and continue its upward move later today while targeting $28.00 in the next 24 hours.

Avalanche price analysis conclusion

Avalanche price analysis is strongly bullish for today as the price function is recovering at a good speed. However, the coin price is still comparatively on the lower side, but the trend has changed, and the bullish momentum is strong, which is also proved by the price direction over the last four hours. So we expect the AVAX/USD to continue upside to challenge the resistance present at the $26.96 mark in the approaching hours. On the other hand, the bulls might be exhausted, and the coin may start correcting for a few hours before continuing upside again.

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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