Avalanche price analysis: AVAX to retest $20 resistance, as bullish momentum grows

Given that the price is currently rising, the Avalanche price analysis displays optimistic momentum. Bulls were able to raise the price and re-challenge the $20 resistance after the price suffered a significant drop on February 16, 2023, to $18.56. The price has since gotten close to the resistance. By pushing the price up to $19.68, the bulls almost made up for their loss, and they’ll try to push it beyond the $20 mark soon.

AVAX/USD 1-day price chart: Bulls gain 3.54 percent

According to the 1-day Avalanche price analysis, the bullish momentum has raised the price to $19.68 as of this writing with the next resistance level of $20 as the goal. Over the past 24 hours, the AVAX has increased in value by 3.54 percent, and over the past seven days, it has increased by about 10.27 percent. The market domination is now 0.55 percent due to a 3.76 percent decline in trading volume.

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AVAX/USD 1-day price chart. Source: TradingView

The volatility for AVAX is also high as the Bollinger bands are widening, with the upper band at the $21.95 mark representing resistance for AVAX and the mean average of the Bollinger bands present at the $17 mark representing support for AVAX/USD. The price has also moved past the mean average of the volatility indicator, which is present at the $19.48 mark, whereas the moving average (MA) is still trading below the SMA 50 curve at the $18.56 level.

The relative strength index (RSI), which indicates a potential increase in buying activity, is currently trading at index 55 in the upper half of the neutral zone on an upward trajectory.

Avalanche price analysis: Recent developments and further technical indications

A spike higher toward $20.08 was also seen during the first four hours of the current trading session, but bulls were unable to maintain the position. According to the 4-hour Avalanche price analysis, the price has continued covering range upwards since breaking upwards today. Bulls are expected to target $20 once more as the price is currently approaching $19.68.

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AVAX/USD 4-hours price chart. Source: TradingView

Although the 4-hour chart’s volatility is likewise significant, the Bollinger bands, particularly the bottom band, show signals of convergence inward. However, at $19.24, the mean average of the Bollinger bands is only marginally below the price point signifying AVAX’s support. The RSI also exhibits an upward trend, which denotes buyer activity.

Avalanche price analysis conclusion

According to the Avalanche price analysis, the value of cryptocurrency has significantly increased today. since the price has been rising over the past 32 hours. In the ensuing hours, we anticipate the AVAX to keep rising. AVAX may continue trading in the $19 region over the next several hours, although breaking over the $20 resistance is also possible today.