- Avalanche price analysis is bullish for today.
- AVAX/USD pair is facing strong resistance at $17.50
- The immediate support level is at $16.50
Avalanche price analysis indicates AVAX has been making higher highs and higher lows in the past 24 hours. The prices have remained above $17.24 after a period of fluctuation. AVAX is trading at $17.30 and has recorded an increase of 1.89 %.
The market has turned highly volatile, with AVAX/USD pair facing strong resistance at $17.50 while immediate support is found at $16.50. Avalanche’s market sentiment remains positive as it has made impressive gains in the past week alone.
Traders are interested in AVAX as it increases in trading volume and market cap rankings. Currently, it is ranked at number 32 on CoinMarketCap with a market cap of $365,101,391.36 and a 24-hour trading volume of $5.1 billion.
The Fibonacci retracement levels indicate that the pair may see some resistance at $17.50. If it can break through this level, the next target would be $18.35. The Relative Strength Index also indicates that AVAX is currently in overbought territory, signaling that a short-term price correction may occur before further upward movement.
Additionally, the moving averages indicate a bullish trend for the AVAX/USD pair as the 50-day EMA surpasses the 200-day EMA. The market is also pointed toward bullish sentiment in the short term, with a majority of technical indicators giving buy signals.
However, the Avalanche price analysis on the 4-hour chart shows that the pair may face some bearish correction in the near future. The MACD indicates a bearish crossover, and the RSI is heading toward the overbought territory, indicating potential profit-taking by traders before further bullish movement.
The Ichimoku Cloud also shows the pair may face resistance at $17.50, but if it can break through this level, the next target on the upside would be $18.35.
Overall, the Avalanche price analysis remains bullish for today as bulls continue to defend the support level and push for higher highs in the market. If the bears come in for profit-taking, traders may see a short-term correction before further upward movement.
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Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
