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HomeAnalysisAvalanche price analysis: AVAX/USD gearing up to test $16.5 support again as...

Avalanche price analysis: AVAX/USD gearing up to test $16.5 support again as bullish momentum fade

Today is a bullish day for Avalanche price analysis as the price reached $17.88 after closing at $16.5 yesterday. Apparently, the bulls have caught up with the bears who dominated the market throughout the last week. But this certainly doesn’t mean that Avalanche can’t be depressed.

Cryptocurrency Heatmap by Coin360

The cryptocurrency market has recovered slightly today. Ethereum posted a 6.54% recovery while Bitcoin recovered 4.88%. Similarly, other cryptocurrencies have risen slightly.

1 Day Avalanche Price Analysis
Avalanche Price Chart by TradingView

We can see the Avalanche making lower highs and lower lows over the past few days. Therefore, it is not correct to say that the bear days are over. Today the bear is recovering slightly after being exhausted.

However, bearish sentiment is still very active in the market. Today his RSI is trending up and reaching 41. At the same time, the MACD histogram is still red, but shows a slight improvement.

Avalanche 24 hour price movement

1 Hour Avalanche Price Analysis
Avalanche Price Chart by TradingView

An hour-long avalanche price analysis shows that the price closed at $16.6 yesterday.It is currently trading at $17.7. It’s important to note that this could only be a temporary rally as the market still has negative sentiment. Therefore, after a slight recovery, Avalanche may be preparing to fall again.

The MACD indicator shows that Avalanche experienced significant volatility today. Over the next few years, its price may fall again as the bullish momentum is fading away. At the same time, the RSI shows that Avalanche is significantly overbought at this point. This is another sign of bearishness in the coming hours.

Overall, Avalanche increased by 6.8%. Trading volume fell by 33.81% and market capitalization rose by 6.98%. Currently, its support is set around $16.5, with significant resistance expected up to $18.

4 Hour Avalanche Price Analysis: Get ready to test support again

4 Hour Avalanche Price Analysis
Avalanche Price Chart by TradingView

Avalanche seems to be preparing to test support around $16.5. For now, the resistance is set around $18. A four-hour avalanche price analysis shows bullish momentum is increasing across the board.

Avalanche may struggle to break out of the $18-$18.5 range, at which point we anticipate significant resistance.

Avalanche Price Analysis: Conclusion

For now, Avalanche’s next target is $18. However, based on Avalanche’s price analysis, it’s clear that the bullish momentum is slowly fading in the short term. Longer interval graphs have yet to catch up. Therefore, over the next few hours, Avalanche may continue to trade inside the range, after which it may move in either direction based on overall market sentiment. As of now, the crypto market looks very uncertain.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com accepts no liability for investments made based on information provided on this page. Independent research and/or consultation with a qualified professional is strongly recommended before making any investment decision.

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