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Avalanche price analysis: For the next 24 hours, AVAX is bullish

TL;DR Breakdown

  • It looks like the Avalanche price will rise to $85 in the near future.
  • It’s at $80 where the closest level of support is found.
  • At $82.50, AVAX runs into a wall.

At $95.00, the Avalanche price analysis shows that the asset’s price fell back down to the $80.00 level. When AVAX prices move, there is still a lot of selling pressure even though the buyers have defended the support level.

Over the last 24 hours, the broader cryptocurrency market has seen a lot of positive price movements for most major cryptocurrencies. XRP and DOGE, two of the biggest players, saw a 9.53 percent and 7.46 percent rise in value, respectively.

An analysis of the Avalanche price: Buyers get back $82, and they’re looking forward to $85 the next time around.

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The MACD is currently bearish, which is shown by the red colour of the histogram. However, the lighter shade of the indicator shows that there has been less bearish momentum in the last few hours. A bullish crossover would be seen if the buyers can get above the $80.00 level, which they have done so far.

Over the last few days, there has been very little net activity in the AVAX price. The price has been consolidating at around $83.00. At the moment, the 26-EMA is moving down at a steady pace, and the 12-EMA is moving in the same direction as the rest of the market.

In the neutral zone until February 11th, the RSI was trading at a high level. Now, it is close to the mean level at 50 points. The indicator is at 43.91 index units right now, which shows that the market is a little bit bearish right now. When the indicator is placed in this way, there is room for big changes in either direction, but the downward gradients suggest that there is a little bit of bearish pressure at this price level.

The Bollinger Bands are wide right now, but they show convergence as the bulls fight back at the $82.00 level. In the short term, the indicator shows that AVAX prices will be less volatile, with a support level at $77.45. Until the next level of resistance, which is at the mean line at $85.91, the indicator shows that there is still room for more bullish activity until that level.

Technical analysis for the AVAX/USDT pair

As a whole, the 4-hour Avalanche price analysis shows a sell signal, with 10 of the 26 major technical indicators supporting the bears. On the other hand, only six of the indicators support the bulls, which suggests that there has been a lot of bullish activity in the last few hours. At the same time, the other ten indicators are on the fence and don’t give any signals at the moment.

The 24-hour Avalanche price analysis doesn’t agree with this sentiment. Instead, it gives a buy signal because 10 of the most important technical indicators are in favour of going up, while only seven of them are in favour of going up more. The analysis shows that the bulls are still in control, but there is a lot of bearish pressure on the mid-term charts. One at a time, nine other things don’t show that they support either side of the market.

What can you expect from the Avalanche price study?

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Afterward, strong bearish pressure at $92.00 caused AVAX to fall to the $80.00 level. This is what happened because the trend was broken. Wave-like bearish activity made it possible for sellers to cause a big drop in prices without the buyers coming back. At this point, the buyers have come back to the $82.00 price level, but there is still a lot of selling pressure.

Now, traders should expect the Avalanche price analysis to move up towards the $85.00 mark as the bulls fight back against the sell side of the market. Reinforcing this idea, the market is also becoming more positive. The mid-term technical analysis also says that the bulls still have the upper hand on the daily charts.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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