Published 32 mins ago
Avalanche (AVAX) price analysis for today suggests a bullish bias. The coin moves with the bulls as the bears covered their short positions near the ascending trend line. The bullish slopping line from the lows of $16.36 acted as strong support for AVAX buyers. The price decline seems to have stabilized recently, at $22.20 support has held twice. This could be the beginning of the consolidation ranging from $22.0-$26.0.
As of publication time, AVAX/USD is reading at $23.80, up 3.14% for the day. The market cap is increasing and is currently at $17,020,333,263, while the 24-hour trading volume is holding at $486,655,219 with 4% of gains. The price opened lower but recovered sharply to test the intraday high with rising volume. This is a bullish sign.
- AVAX price bucks the prevailing downtrend and sustains gains on Wednesday.
- As the bulls hold the ascending trend line firmly, a next leg-up toward $26.0 and beyond is expected.
- However, a daily candlestick below $22.20 would invalidate the bullish outlook.
AVAX price look for an upside reversal
On the daily time frame, the Avalanche (AVAX) price analysis shows that the price is moving near the bullish trend line. Currently, the price managed to hold the gains on Wednesday following four consecutive sessions of fall from the swing highs of $25.81 made on July 29.
In the past as well, whenever the price tested the trend line, it experienced a bounce back from the lower levels as can be seen on the chart. Hence, we expect an appreciation of 30% from the current levels. A renewed buying pressure would push the price toward the swing highs of $25.81 followed by the $28.0 horizontal resistance level.
To further confirm the analysis, let’s understand what technical indicators are telling
Moving Average Crossover: The price is taking support near the crucial 20-day and 50-day EMA crossover, indicating a probable bounce back from the current levels
RSI: The RSI (14) attempts to breach the average line that would further strengthen the bullish outlook. Currently, it reads at 55.
MACD: The AMCD holds above the midline with a receding bullish momentum.
On the flip side, a change in the bullish sentiment could result in the continuation of the prevailing downside momentum. A break below the session’s low could ignite a fresh round of selling the coin. In that case, the first downside target could be found at the low of July 18 at $20.57.
Next, the market participant would exploit the $19.50 level, as this also coincides with the break of the 20-day EMA.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.