AVAX's price remains bullish on the daily timeframe, having climbed to a high of $18.79 after breaking out of its descending triangle with heavy volume.
Avalanche (AVAX) has struggled to regain its bullish momentum in recent times as the price has been more quiet, ranging in a weekly low of $15; however, despite the uncertainty that has befallen the crypto market, the price of AVAX has held its own as it defended its major support level of $15.
After trading in a range for weeks due to little to no volume to push the price higher as the price appeared stagnated, the price of AVAX finally showed some movement after being reinspired strength as a result of the current market and as a result of the crypto market looking more encouraging in recent times.
On Friday, Avalanche soared to a five-week high as prices approached a crucial resistance level. The token reached a high of $18.79 earlier in the day, following many days of gains. The bulls currently have control of the coin, but it is anticipated to break through a few trading levels to ensure that the positive trend on the chart continues.
The market has become highly volatile, with the AVAX/USD pair facing strong resistance at $19.00 and immediate support at $18.00. The market sentiment for Avalanche is positive, as it has achieved significant increases in the last week alone.
On the one-day chart, buying pressure for the Avalanche price indicated a strong recovery. Buyers rushed back into the market as AVAX posted gains.
The Relative Strength Index was positive, indicating that the indicator has entered an overbought zone, indicating that buyers have assumed control of the cryptocurrency.
Avalanche prices were also above the 20 and 50 day SMA lines, indicating strong demand. Buyers were pushing the market's price momentum.
The Awesome Oscillator measures price momentum and price movement strength. AO was cheerful since it displayed green histograms, which also provided a buy signal for AVAX.
According to Price Analysis, The market capitalization of this AVAX is estimated to be $5,510,128,744. The 24-hour trading volume for the same coin is around $437,975,969. AVAX market capitalization has risen by 0.04%. However, trade volume decreased by 26.75% during intraday trading.
On the upside, $19.00 is an immediate resistance level. $19.50 represents the next significant level of resistance. A break above $19.50 could start a new upward trend. In the aforementioned case, the price could reach $21.30. Any further increases could push the price above the $22.00 mark.
If the AVAX fails to cross above $19.00, it may begin to fall. The initial support level is $18.00 on the downside. The next critical level of support is $17.30. A break below $17.30 could cause a significant downward correction. The AVAX price could fall below $16.50 in the aforementioned scenario.
KEY LEVELS :
RESISTANCE LEVEL : $19.00-$20.00
SUPPORT LEVEL : $18.00-$17.00
AVAX's price has increased by 30% in the previous 9 days. AVAX price broke the descending triangle pattern yesterday. Will the AVAX maintain its upward trend? Have you seen the chart's breakout?
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