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Avalanche price analysis: AVAX continues to move upwards with $35 target


www.cryptopolitan.com 07 August 2022 22:53, UTC
Reading time: ~2 m

Avalanche price analysis continues to be bullish, as price rose another 6 percent on an impressive run that has seen AVAX rise more than 27 percent. The current run started on August 3, 2022 with price at $22.26, before moving as high as $28.26 over the past 24 hours. AVAX bulls will be targeting the $35 mark by the start of next week, a point that could also bring sell offs with short traders reaping out profits. AVAX price has formed a distinct ascending triangle pattern on the daily chart which bulls will look to maintain.

The larger cryptocurrency market continues to stay bullish with prices throughout the market moving upwards. Bitcoin moved past the $23,000 barrier over the past 24 hours, while Ethereum stays in touching pursuit of the $2,000 mark. Among leading Altcoins, Ripple consolidated up to $0.37 with Cardano topping up to $0.52. Dogecoin rose to $0.07, while Solana and Polkadot jumped up to $41.21, and $8.81, respectively.

Avalanche price analysis: Cryptocurrency heat map. Source: Coin360

Avalanche price analysis: AVAX soars above moving averages on 24-hour chart

On the 24-hour candlestick chart for Avalanche price analysis, price can be seen forming an ascending triangular pattern since August 3, 2022. The uptrend has lifted price up to the $28 mark with strong indication of bullish momentum to test resistance at $35. AVAX price has risen above the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $24.86 during the current trend.

Avalanche price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index sits at 68.54 in the overbought region, indicating that the current trend may reverse soon. The over valued status of the RSI would pave way for short sellers to come into the market and is also indicated by the 20 percent increase in trading volume for the token over the past 24 hours. Meanwhile, the moving average convergence divergence (MACD) curve can be seen forming higher lows to attempt a bullish divergence above the neutral zone. In conclusion, AVAX price is tipped to trend further upwards, however traders would be vary of the $35 resistance point over the next 24 hours.

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