Today marks a bullish day for Avalanche price analysis since its price touched $17.88 after closing at $16.5 yesterday. Apparently, the bulls have finally caught up to the bears that were ruling over the market throughout the last week. But this certainly does not mean that Avalanche cannot dip.
The cryptocurrency market has recovered slightly today. Ethereum marked a 6.54 percent recovery, while Bitcoin recovered by 4.88 percent. Similarly, other crypto coins have also slightly increased in value.
We can see that Avalanche has been making lower highs and lower lows over the last few days. So, it would not be right to say that its bearish days are over. We are seeing a slight recovery after the bears got exhausted today.
However, the bearish sentiment is still very much alive in the market. The RSI is touching 41 today with an upwards trend. At the same time, the MACD histograms are still in red but show slight improvement.
Avalanche 24-hour price movement
The 1-hour Avalanche price analysis shows that the price closed at $16.6 yesterday. Currently, it is trading at $17.7. It is important to note that this might just be a temporary rally because the market still has a negative sentiment. So, after a slight recovery, Avalanche might be preparing to dip again.
The MACD indicator shows that Avalanche has significantly undergone volatility today. In the next few years, its price might be gearing to fall again as the bullish momentum is slowly disappearing. At the same time, the RSI shows that Avalanche is quite overbought at this point. This is yet another indication that the next few hours are going to be bearish.
Overall, Avalanche went through an increase of 6.8 percent. Its trading volume fell by 33.81 percent, while the market cap rose by 6.98 percent. Its support is now set around the $16.5 mark, and massive resistance is expected until $18.
4-hour Avalanche price analysis: Gearing up to test the support again
It looks like Avalanche is just gearing up to test the support around $16.5 again. For now, the resistance is set around $18. The 4-hour Avalanche price analysis shows an overall increase in the bullish momentum. However, in the short term, it is obvious that the momentum is slowly reducing.
Avalanche might struggle to break past the $18 – $18.5 range, and massive resistance can be expected at that point.
Avalanche price analysis: Conclusion
For now, the next target for Avalanche is $18. However, based on the Avalanche price analysis, it is obvious that the bullish momentum is slowly fading away in the short term. The longer interval graphs are yet to catch up. So, for the next few hours, Avalanche might continue to trade in a range, after which it can move in either direction based on the overall market sentiment. For now, the crypto market looks very uncertain.
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