AVAX/USD pair bullish for the next 24 hours
https://ift.tt/OM9ItiL
TL; DR Breakdown
- Avalanche price analysis is bullish today.
- The closest support level lies at $80
- AVAX faces resistance at the $82.50 mark.
The Avalanche price analysis revealed that the asset’s price action was rejected at $95.00 and dropped to the $80.00 support level. Although buyers have defended the support level, selling pressure persists in AVAX price movement.
After the recent drop to $80, buyers of AVAX were able to defend price support and force a bullish movement. The return of the bulls was able to push prices back to $95.00. However, the price action was rejected once again.
The Avalanche price analysis shows that the AVAX chart is currently trading at $82.50. It could continue increasing slightly after increasing to $85.00 resistance level, which is crucial for buyers in the near term. The asset faces resistance at this level, and any further price action may depend on whether AVAX can break through this level. This resistance will play a crucial role in the near term.
AVAX/USD 1-day price analysis: Buyers recover $82, eye $85 next
Avalanche (AVAX) is currently trading at $82.50 and could increase if it breaks through the $85.00 to $95.00 resistance level, where buyers are expected to emerge. The resistance level could play a crucial role in the price action at this point.
On the other hand, $80.00 marks the closest support level and represents a crucial level for AVAX price movement since buyers are expected to defend this level in case of declines. The asset faces resistance at $82.50, but if it passes this point, there will be no further resistance until it reaches the high of $95.00, where resistance is expected.
The Avalanche (AVAX) technical analysis on Trading View shows that the RSI had dropped to 29, a strong indication that price action could continue decreasing to support levels at $80.00. The Stochastic RSI had also reached the oversold region; however, it has some way before entering into an overbought region, which means that the market could see a bullish increase before it becomes oversold.
AVAX/USD 4-hour price analysis chart: Recent price developments?
When looking at the AVAX/USD 1-hour chart, it is noticeable that the price action was rejected after reaching $95.00 and dropped back to $80.00 support level before moving slightly above $82.50 resistance level.
The relative strength index period 14 shows that the market’s strength is currently decreasing. Although the asset was previously trading near $95.00, it has now dropped back to the current level after AVAX failed to break through this point.
MACD moving average convergence divergence (MACD signal line) – The MACD line is below the MACD signal line, which means that there is a bearish trend in price action.
The Avalanche (AVAX) technical analysis on Trading View shows that the asset is currently trading near $82.50 and it could continue increasing if it breaks through the resistance direction of MACD on a 4-hour chart..
The relative strength index period 14 shows that the market’s strength is currently decreasing. Although AVAX was previously trading near $95.00, it has dropped back to its current level after failing to break through this point.
Avalanche price analysis: Conclusion
AVAX price movement is now trading near $82.50 and it could increase if it breaks through the resistance at $85.00 to its high of $95.00, where buyers are expected to emerge. The resistance level could play a crucial role in the price action at this point.
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.
Cryptocurrency
