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Avalanche price analysis indicates over the last 24 hours AVAX prices have undergone massive price corrections, rising by over 3,90 percent from a low of $22.50 to the current price of $23.06. The key reason for this massive price increase can be linked to the breakout of a bullish flag pattern that had been forming over the last few days. This breakout occurred on a high volume, which is indicative of strong market participation.
The current resistance for AVAX prices is set at $24, which is a key level to watch. If prices can break above this level, it would open up the possibility for further upside in the short term. However, if prices fail to sustain themselves above $24, we could see a retracement back down to support levels of $21. Overall, the bias for AVAX prices is currently bullish, with strong upside potential in the short term.
Avalanche price action on a daily chart: Prices correct higher after a bearish divergence
Avalanche price analysis on a daily timeframe indicates the prices have been trading between a range of $21.47 to $23.69. Recently, prices have surged higher and broken out of the upper range-bound, which has opened up the possibility for further upside in AVAX prices. On the intraday timeframe, AVAX prices have corrected higher after a bearish divergence was observed on the RSI indicator. Prices are currently facing strong resistance at the $24 level, which if breached could see AVAX prices rallying towards $25 in the short term.
The MACD line is currently on the verge of crossing the red signal line from below, which would indicate a bullish crossover. This would provide further confirmation of the current bullish trend in AVAX prices. However, the market volatility is decreasing at the moment and any sharp movements could result in prices quickly retracing back down. Overall, the bias for AVAX prices is currently bullish in the short term with strong upside potential.
The RSI line is currently on the verge of crossing the 50 levels from below, which would indicate a bullish crossover. This would provide further confirmation of the current bullish trend in AVAX prices. The moving averages are currently in a bullish crossover formation with the 50-day MA being above the 200-day MA. This is indicative of a strong bullish trend in AVAX prices.
Avalanche (AVAX): 4-hour timeframe chart: Prices continue to rally higher
On the 4-hour timeframe, Avalanche price analysis shows the prices have continued to rally higher and are currently trading at $23.53. The prices have been able to sustain themselves above the $22 level, which is a key support level. The RSI indicator is currently in the overbought territory, which indicates that the prices could see a minor correction in the short term. However, the MACD line is still above the signal line which indicates that the current bullish trend is still intact.
The moving averages are currently in a bullish crossover formation with the 50-day MA being above the 200-day MA. This is indicative of a strong bullish trend in AVAX prices. Overall, the bias for AVAX prices is currently bullish in the short term with strong upside potential.
Avalanche price analysis conclusion
Avalanche price analysis indicates that the prices have seen a massive price increase over the last 24 hours. The key reason for this surge can be linked to the breakout of a bullish flag pattern that had been forming over the last few days. Prices are currently facing strong resistance at the $24 level, which if breached could see AVAX prices rallying towards $25 in the short term.
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