Avalanche Price Can Gain Further Momentum If The Bulls Barrel Past $19
October 31 2022 - 11:00PM
NEWSBTC
Avalanche price has shown bullish strength over the last 24 hours.
It has been one of the few altcoins that have remained positive
despite most altcoins losing value over the past day. In the past
day alone, the altcoin has appreciated by close to 4%. In the last
week, AVAX rallied over 16%. It is important that Avalanche
continues to race upward for positive price action to remain in the
market. The technical outlook for the coin showed that bulls were
in complete control of the asset. Demand for the coin jumped north
and buying strength kept registering northbound movement on the
chart. The chance of a price pullback cannot be ruled out just yet.
It is crucial for AVAX to move past the $19 price mark. Going past
this price mark will help Avalanche price remain bullish. Tough
resistance for Avalanche was at $19.60, and moving past that would
make it easy for the coin to touch the $20 price level. The global
cryptocurrency market cap today is $1.06 trillion, with a
0.0% change in the last 24 hours. Avalanche Price Analysis:
One-Day Chart AVAX was trading at $18.90 at the time of writing.
The bulls are trying hard to move past the immediate resistance
mark for the coin. By doing so, Avalanche will be under a bullish
influence over the next trading sessions. Overhead resistance for
the coin stood at $19.07 and then at $19.60. Crossing these two
hurdles will take AVAX to the $20 price mark. On the flip side, if
AVAX has to lose its current price level, it could be dragged down
to $17. Beneath the $17 price mark, the coin would fall close to
$16. The amount of Avalanche traded in the past trading sessions
indicates that the coin has registered increased buying strength.
Technical Analysis The altcoin’s buying power was last as strong as
it is now in the month of August. That signified a multi-month high
in the number of buyers. The Relative Strength Index zoomed past
its half-line and was almost about to enter the overbought zone as
it was heading close to the 80-mark. Avalanche price was above the
20-SMA line, signifying that demand had increased for the coin and
buyers were driving the price momentum in the market. Related
Reading: Dogecoin (DOGE) Mammoth Rally Takes Break, Why Dips Turned
Attractive AVAX has said that buyers were quite positive at the
time of writing. The coin registered buy signal on its one-day
chart. Moving Average Convergence Divergence indicates the price
momentum and direction of the asset. The MACD was positive as it
pictured green histograms above the half line, which also acted as
the buy signal for the coin. The Chaikin Money Flow suggests the
quantity of capital inflows and outflows on the chart. CMF was on
the zero line, meaning an even amount of capital inflows and
outflows. Related Reading: Why Bitcoin Will Crush Opposition At
$21,000, Green November In The Making Featured Image From Shrimpy
Academy, Charts From Tradingview
Avalanche (COIN:AVAXUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Avalanche (COIN:AVAXUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024