The Avalanche worth evaluation is bullish because the bullish momentum continues, and the worth is on the rise right this moment. The coin is once more sustaining its former worth degree of the final month as promoting strain is current above $17.6, and bulls are unable to retain the positive factors made after April 12, 2023. A correction was additionally noticed yesterday when the worth spiked to $18.1. This spike in worth triggered promoting strain, and a pointy correction, which lasted just for an hour, corrected the worth into the $17 vary.
AVAX/USD 1-day worth chart: Bulls reinstate the upward pattern
The 1-day worth chart for Avalanche worth evaluation exhibits the bulls have been attempting to outline the worth curve upwards for the previous few days, and the pattern is bullish for right this moment as effectively. An increase in worth has been famous, as the worth reached $17.32 right this moment. As we all know, promoting strain is current above the present worth degree, and bulls are retesting the resistance in the mean time, so there are ample possibilities for additional worth enchancment. Nonetheless, the coin remains to be at a lack of 8.97 % for the previous week as a result of stronger corrections that have been noticed after April 19, 2023. The buying and selling quantity has additionally elevated by 70 % right this moment.
The volatility for AVAX is slowly growing because the Bollinger bands are diverging, with the higher band on the $20.7 mark representing the strongest resistance, and the imply common of the Bollinger bands is current on the $18.2 mark. The decrease band is trending at $15.8, representing the strongest assist for the AVAX/USD. The worth is shifting in the direction of the shifting common (MA), which is at $17.48 right this moment.
The relative power index (RSI), which signifies a possible improve in shopping for exercise, is presently buying and selling at index 45 within the backside half of the impartial zone on an upward trajectory.
Avalanche worth evaluation: Latest developments and additional technical indications
The 4-hour Avalanche worth evaluation exhibits the worth breakout was upwards right this moment, as bulls took the lead again on the finish of the earlier buying and selling session. After which, bulls recovered the worth from the $16 vary to $17.3, and the promoting strain is forming once more as the worth is correcting once more.
The 4-hour chart exhibits a reasonably excessive degree of volatility. The Bollinger bands’ high and decrease bounds are, respectively, $17.9 and 16.4. However at $17.1, the imply common of the Bollinger bands could also be positioned just under the worth degree, signifying AVAX’s assist. Indicating the market’s promoting strain above the present worth degree, the RSI additionally reveals a flattened curve.
Avalanche worth evaluation conclusion
In response to the Avalanche worth evaluation, the worth of cryptocurrency has considerably elevated right this moment because of the worth’s rise. As bulls advance towards the $17.6 resistance within the hours to return, we anticipate the AVAX/USD to maneuver greater as effectively. After right this moment’s hourly correction, the worth of the coin is anticipated to proceed to rise within the ensuing hours.