According to Avalanche’s price analysis, positive momentum is currently in play. The bulls are effectively continuing their strategy today as well, as the price of AVAX/USD has risen somewhat in the past few hours. AVAX/USD price started rising later yesterday. If observed after February 4, 2023, the short-term price trend of the coin is still downward as its value has been steadily declining ever since. Selling pressure may build as price approaches the next barrier for AVAX, which sits around $18.25, just a touch above the current price level.
AVAX/USD 1-Day Price Chart: Nearly 1% Recovery Seen in AVAX Value
Price rose today as the bulls took the lead, according to the 1-day price chart for Avalanche price analysis. As of this writing, the currency is currently selling at $18. The bull recovery strategy is responsible for the 0.96% increase in the value of the cryptocurrency pair from the previous day. But over the past week, the value of the cryptocurrency has fallen by 14.53%. Trading volume decreased by 15.71% in the same time, giving AVAX a market dominance of 0.56%.
Bollinger bands display the following readings, indicating extreme volatility: the upper band is at $22.45 (the resistance level of the coin), while the lower band is at $16.75 (the largest level of part holder). The average average of the indicator is $19.60. Although the moving average (MA) is $19.26 below the SMA 50 curve, it continues to decline.
The Relative Strength Index (RSI), which is currently trading at 47, is trending slightly higher. The positive momentum and buying activity in the market is illustrated by the rising slope of the RSI.
Avalanche Price Analysis: Recent Developments and Other Technical Indications
As the bulls took control later yesterday, the price function has risen over the past eight hours, according to Avalanche 4-Hour price analysis; however, a reversal was observed at the end of the previous trading session. AVAX has already been on a downtrend for a few days. The 4-hour chart is showing green candlesticks, so no downside resistance was seen today.
On the hourly chart, the upper and lower boundaries of the Bollinger Bands are located at $19.48 and $16.95 respectively, indicating that volatility is also high. On the 4-hour chart, the MA is also trading below the $17.91 price level. Its curve having recently softened, the RSI is currently trading on a small upward curve; this horizontal movement of the indicator also suggests the presence of a bearish presence above this point. The upward trajectory, on the other hand, suggests that the bulls are still in a stronger position than bearish.
Conclusion of the avalanche price analysis
Although the RSI curve is flattening, indicating weak bullish momentum, the avalanche price analysis suggests that the coin is in a bullish momentum after yesterday’s bullish move. The price rose today, and a further increase in the price of the cryptocurrency is also possible if the bullish sentiment persists.