cryptopolitan.com
- Avalanche price analysis is bullish today.
- AVAX/USD is currently trading at
- Support is present at $91.
The price analysis of the Avalanche cryptocurrency shows that it is trading at a record high of upwards of $98. The AVAX/USD has corrected today, with bulls regaining enough power for a possible move higher, surpassing the previous all-time high level. According to technical models, the next resistance AVAX may be at $103.4.
AVAX/USD price movement in the last 24 hours: AVAX nears $100 as bulls try to secure another record high
The 1-day price analysis of the AVAX shows that the coin is regaining its footing after slumping yesterday, with bullish momentum continuing. At the time of writing, AVAX/USD is changing hands at $98.49, nearing the psychological barrier of $100. AVAX/USD has increased in price value by 3.23 percent in the last 24 hours and 8.8 percent over seven days, based on trading volume increases of 6.9 percent and market dominance of 0.76 percent. AVAX/BTC also shows a bullish trend, trading at 0.00088 BTC.
AVAX/USD has been on an uptrend since breaking above its previous all-time high of $92 on October 12th. On October 13th, the coin reached a price value of $103.4 from a movement to retest the previous high after overshooting prices by over 15 percent. Since then, the token’s price has entered into consolidation but has gained 3.38 percent in market dominance and 5.77 percent in trading volume within 24 hours to secure the current price value.
A minor price correction of 7 percent was initiated around October 16th. Still, the downtrend did not last for long as bulls made another attempt to break above the $100 mark on October 17th, gaining 10 percent in market capitalization and 6.23 percent in trading volume. The momentum has supported AVAX/USD throughout all this time, without any major resistance slowing it down until today when prices are dipping by roughly 0.4 percent due to lack of buyers.
The technical evaluation suggests that while AVAX/USD is trading near new highs, the coin doesn’t show any signs of exhaustion yet. This means that bulls will have to gain control over the market once again if they want AVAX to keep above its previous all-time high of $92 in the short term. Trend lines show that AVAX/USD can be expected to trade between $68 and $100 within the next two weeks, but it will remain supported by the new uptrend trend line, which is currently sitting at $87.49 or just below its previous all-time high level.
If bulls manage once again to break above $100, then they’ll most likely try to test out their new target at $103.4 since it showed resistance in September before breaking above it on October 14th for a new all-time high. On the other hand, if bears gain control of AVAX/USD above $98, then there’s a good chance that bulls may try to test out the support once again at $91, which was a strong level of resistance on October 13th and 16th.
AVAX four hour price analysis: Recent developments and further technical indications
The 4-hour Avalanche cost analysis shows that the coin reached a high of $95.5 during the first four hours today, but it has since corrected to trade at $98.4, as selling pressure built up.
The volatility of the crypto pair is also rising as the currency trades at a higher price range. With the upper band at $103 representing future resistance for AVAX, and the lower band at $54 reflecting long-term support for the cryptocurrency, the Bollinger bands are widening to encompass a bigger space.
The RSI is trading at 70.44, just above the neutral zone’s line, which means it’s approaching overbought territory. The RSI curve is not steep but is gradually ascending, suggesting potentially bearish elements and buying activity in the market overall. The price level was recently tested at near $90.7 by the moving average (MA).
Avalanche Price Analysis: Conclusion
The study by the Avaance Group claims that bitcoin is in a strong position and that the bulls are mighty, with both short- and mid-term technical indicators suggesting an intense bullish momentum. As seen on the 4-hour chart, the present selling pressure may be reversed soon, and the coin may continue to rise today. There are plenty of possibilities for bitcoin to close at a new high price today. Even surpassing the $100 psychological barrier is still feasible today.