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Avalance 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 $22.94 and is facing resistance at $23.36. If the price breaks out of this resistance, it can rally to $24.00 in the next 24 hours. AVAX/USD found support at $22.25 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.
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 $22.25 and has started to move higher. The market cap on 24-hour adjusted volume stands at $368 million, and the total market cap stands at $2.8 billion. while the token is ranked at 39th position on CoinMarketCap.
Avalanche price analysis on a 1-day price chart: Support for AVAX/USD pair is present at $22.25
The one-day 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 $22.94, and the 24-hour adjusted support lies at $22.25. The market is likely to continue its upward move and break out of the descending triangle pattern in the next 24 hours.
The volatility is high at the present time but is decreasing slowly as the Bollinger bands converge. The mean average of the indicator is present at the $22.50 mark above the price level, while the upper limit of the indicator at $23.10 is providing resistance for the market. The RSI indicator is present at the 54.83 level and is slowly moving towards the overbought region, which shows that the bulls are in control of the market. The MACD indicator is currently in the bullish zone and is increasing, which shows that the market has the momentum to move higher.
AVAX/USD 4-hour price chart: Bulls aiming for $23 as their next target
Avalanche price analysis on the 4-hour timeframe is currently in an uptrend and has found support at the $22.25 level. The market is likely to continue its upward movement in the next few hours and target the $23.00 level. The Bollinger bands have converged, which shows that the volatility is decreasing in the market. The RSI indicator above the 50 level shows that the bulls are in control of the market. The MACD indicator line blue is above the signal line, which shows that the market has the momentum to move higher in the next few 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 $23.36 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.
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