The most recent Avalanche price analysis shows a bullish trend with the AVAX token price climbing from $16.85 to $17.37 today. The buying pressure that has been building in the past 24 hours is seeing AVAX gain traction and push higher. The current resistance for AVAX lies at $17.37, with buyers attempting to break through this level. If successful, further price appreciation could be seen as the market continues to build momentum for the cryptocurrency asset. Support for AVAX is currently seen at the $16.85 level, with this providing a floor of support for the token should it retrace any of its recent gains.
Cryptocurrencies price heatmap, Source: Coin360
The broad cryptocurrency market remains in bullish territory, and AVAX is no exception. The token has appreciated by over 2% in the last 24 hours and this momentum looks set to continue as long as the current bullish sentiment persists. Major coins such as Bitcoin, Ethereum, and Ripple are all showing signs of strength which could bode well for AVAX in the coming days. If these coins continue their bullish run, AVAX will likely benefit from a heightened level of demand.
Avalanche price analysis daily chart: AVAX shows bullish potential at $17.35
The 24-hour chart for Avalanche price analysis shows that AVAX has been trading within a bullish channel, with price moving between the $16.85 and $17.37 levels. The current trend suggests that AVAX has the potential to break out of this range and continue higher in the near future. Currently, AVAX is exchanging hands at $17.35 with the market cap and trading volume at $5.73B and $166M respectively.
AVAX/USD 24-hour price chart, Source: TradingView
Looking ahead at the technical indicators, the RSI and MACD are showing a bullish comeback. The RSI is currently at 47.33, indicating that the asset is entering the neutral area of the market whereby the price is neither overbought nor oversold. The MACD indicator is still in the negative zone but is trending upwards, suggesting that the bulls are getting ready to take control of the market. The 50 exponential moving average (EMA) is also changing direction and is now headed upward with a value below the current price confirming an uptrend.
Avalanche price analysis 4-hour chart: Strong buying pressure builds around $17.37
The 4-hour chart for Avalanche price analysis shows a strong level of buying pressure building at the $17.37 level, which is currently serving as resistance for AVAX. The current market sentiment suggests that buyers are ready to break through this level and push the token toward new highs since it has been trading within a narrow range for some time now as the price looks for a breakout.
AVAX/USD 4-hour price chart, Source: TradingView
The hourly technical indicators also show that AVAX is in a good position to move higher as the RSI, MACD, and 50 EMA are all trending upwards. The RSI is at 55.02 which suggests that AVAX could be on the cusp of an extended rally. Meanwhile, the MACD value above 0 and 50 EMA are both bullish and are indicating that AVAX has the potential to break out of its current range in the near future.
Avalanche price analysis conclusion
Nevertheless, AVAX still needs to break through the $17.37 resistance level before confirming the bullish trend. If the token is able to sustain any of its recent gains then further price appreciation could be seen in the days ahead, with buyers attempting to push towards higher highs for AVAX as a result of increased demand for the cryptocurrency asset. On the other hand, if AVAX fails to break through its current resistance level then it could be in for a period of consolidation before further progress is made.