Bullish momentum has persisted in the Avalance (AVAX) in the previous 24 hours, despite negative momentum efforts to lower the price, which were defeated when the market found support at the intra-day low of $15.38. After the market regained support, bulls came in and drove the price to a 24-hour high of $16.07 before hitting resistance. As of publishing time, the bulls had managed to push the AVAX price to increase the price by 2.70% to $15.99 from its previous close.
If the bullish trend continues, the $16.07 resistance level may be broken, and the next resistance level may be around $16.50, while a negative reversal may see the price fall toward the $15.50 support level.
During the bullish control, the market capitalization increased by 2.65% to $5,202,681,772, indicating that investors are optimistic about the asset’s future and are prepared to acquire at higher prices, which might lead to more price gains in the near run. Nevertheless, a 37.04% drop in 24-hour trading to $205,206,008 indicates a temporary lack of interest or uncertainty among traders, which may lead to a short-term price correction.
AVAX/USD 1-Hour Technical Analysis: Keltner Channel, MACD
The Keltner Channel bands are advancing linearly on the 1-hour price chart, with the upper band hitting 16.3158177 and the lower band touching 15.3845198, indicating the bullish momentum in AVAX is still strong and may continue in the short term. Traders should look for buying opportunities on pullbacks to the lower band or wait for a breakthrough above the upper bar to confirm continuing positive momentum.
At a value of -0.0834544, the MACD line goes above the signal line, indicating that the bullish momentum is gaining stronger. This movement is supported by the direction of the histogram in the positive zone creating green bars, meaning that purchasing pressure is building and an upward trend is more likely soon.
If the MACD line breaks over the “0” line and into the positive zone, it will confirm the bullish trend and suggest a strong purchasing momentum in the market. Traders might consider establishing long positions now to capitalize on the anticipated rise.
AVAX/USD 1-Hour Technical Analysis: Bollinger Bands, CMF, MFI
Linear Bollinger bands, with the upper band touching 15.9931380 and the lower bar connecting 15.5133102, indicate that bullishness in the AVAX market is fading and that a price correction or consolidation period is on the horizon.
The price action forms a green candlestick, indicating that buying pressure is still in the market. Still, traders should constantly watch the situation to assess whether a trend reversal is coming.
Since the Chaikin Money Flow implies that when positive, money inflow exceeds money outflow, a reading of 0.20 on the AVAX price chart indicates modest purchasing pressure in the market, which may support the continuation of the present uptrend.
This action strengthens AVAX’s optimistic view by indicating that investors are prepared to purchase at higher levels, which may lead to more price gains in the near future.
The Money Flow Index (MFI) is falling, with a value of 50.55, indicating that the bullish momentum is fading and that a possible correction or consolidation period is on the horizon.
In conclusion, AVAX shows bullish momentum, but traders should watch for potential price correction as market interest temporarily wanes.