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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.
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.
Featured Image From Vecteezy, Charts From TradingView
