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Avalanche price analysis: AVAX bullish as prices remains above $20.00

Analytics

www.cryptopolitan.com 07 July 2022 17:02, UTC
  
Reading time: ~3 m

Avalanche price analysis reveals a strong bullish market sentiment as the AVAX prices remain well above the $20.00 mark. The market is facing some resistance at $20.01, however, the key support lies at $18.26. As long as the prices stay above this level, we can expect further upside in the AVAX prices. The bulls have been in control of the market since the beginning of this month as the prices have surged by over 50%. The altcoin started the month at a low of $12.57 and has since then climbed up to trade at its current price of $20.01.

Avalanche price analysis has increased in the past few hours as the market surged by over 5%. The market is currently trading at $20.00 after hitting a high of $20.01 This surge in price can be attributed to the overall market sentiment which is bullish at the moment. As Bitcoin prices continue to rise, we can expect altcoins like Avalanche to follow suit. The market cap for the coin currently stands at $5,623,861,551, and the 24-hour trading volume is at $614,845,157.

Avalanche price movement in the last 24 hours: AVAX/USD faces rejection at $20.01

The 24-hour chart for AVAX/USD shows a market that is currently facing some resistance at $20.01, and a break above this level could see the prices surge to $21.00. The prices have recently surged from a low of $18.26 and have been climbing since then. However, the market has found it difficult to sustain these levels and has pulled back slightly. The immediate support for the market lies at $18.26, and as long as the prices stay above this level, we can expect further upside.

AVAX/USD 1-day price chart, source: TradingView

The RSI indicator is currently at 57.65, which shows that the market has some room to move higher. The MACD indicator is also in bullish territory, which indicates that the bulls are in control of the market at the moment. The 50-day moving average is currently at $16.76, and the 200-day moving average is $14.65.

AVAX/USD analysis on a 4-hour price Chart: Ascending parallel channel

Avalanche price analysis on a 4-hour chart shows that the Prices have been trading inside an ascending parallel channel since the beginning of today. The market has made highs and higher lows, which is a bullish sign. The bulls emerged after the Moving average convergence divergence indicator turned bullish. The RSI indicator is moving in the overbought region, which indicates that the market is overextended at the moment. The 50-day moving average is currently moving above the 200-day moving average, which is a bullish sign.

AVAX/USD 4-hour price chart, Source: TradingView

Avalanche price analysis conclusion

To conclude, Avalanche price analysis shows that the market is in a bullish trend as the price is expected to surge higher in the coming days. The market will find it difficult to sustain these levels, however, the overall market sentiment is bullish. As long as the prices stay above the key support level of $18.26, we can expect further upside in the AVAX prices. Technical indicators are in favor of the bulls, which indicates that further upside is possible in the short term.

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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