Avalanche Price Remains Positive But Could Experience Bearish Pull At This Level
29 October 2022 - 3:00PM
NEWSBTC
Avalanche price has depicted positive movement over the last 24
hours. Over the past 24 hours, the coin has appreciated by 3%. In
the last week, AVAX shot up in double digits, which helped the coin
break its sideways trading. The bulls now have control of the coin,
but the altcoin is expected to break past a few trading levels to
ensure that the bullish momentum continues on the chart. The
technical outlook was also on the side of the bulls because
Avalanche had gained buyers ever since it started to move up on its
chart. The demand for the altcoin has also helped AVAX to slowly
climb above its resistance mark, which now acts as a support for
the coin. The coin’s strong support was at $15 at the time, but
once it broke through, there could be some resistance between the
$18 and $19 price range. If demand for AVAX remains constant, it
might manage to topple those levels, which could help the altcoin
to break free from lateral trading. The global cryptocurrency
market cap today was at $1.03 trillion, with a 0.8%
negative change in the last 24 hours. Avalanche Price
Analysis: One-Day Chart AVAX was trading at $17.76 at the time of
writing. The altcoin has experienced significant resistance at the
$17 mark, but the bulls have now managed to stay above that price
level. To continue the bullish thesis, Avalanche has to move past
the $18 price mark, which acts as the immediate resistance for the
coin. There could be a chance of the coin experiencing a lack of
demand at that price level. Once AVAX breaks past $18, it is a
clear path to $20. On the other hand, if the price retraces, AVAX
could briefly stay above the $16 price mark before it falls to the
$15 price level. The amount of Avalance traded in the last session
was positive, signifying that buying strength was also on the
increase. Technical Analysis Buying pressure for Avalanche price
registered a steep recovery on the one-day chart. Buyers came
straight back into the market as AVAX logged gains. The Relative
Strength Index was positive as the indicator barreled up above the
half-line, signaling that buyers have taken over the altcoin.
Avalanche price were also above the 20-SMA line, which is
considered bullish due to increased demand. Buyers were driving the
price momentum in the market. Related Reading: Solana Recaptures
$30 Support; Here Is What To Expect Based On This Indicator
Avalanche price also displayed buy signal for the coin on its
chart, indicating that if buyers act on it, the coin can move north
again. The Awesome Oscillator indicates the price momentum and the
strength of the price movement. AO was positive as it pictured
green histograms that also represented the buy signal for AVAX.
Bollinger Bands show price fluctuation and the chances of further
volatility. The bands were super constricted on the chart. This
sign is often accompanied by explosive price action over upcoming
trading sessions. Related Reading: Ethereum Price Surge Might Not
Last If The Bulls Don’t Topple These Levels Featured Image From
Vecteezy, Charts From TradingView
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