Avalanche Remains Above $17.24 as the Market Turns Highly Volatile
The avalanche price analysis shows that AVAX has been in the upper and lower positions in the past 24 hours. After a period of ups and downs, the price has remained above $17.24. The trading price of AVAX was US $17.30, up 1.89%.
The sales market has become more and more highly volatile. AVAX/USD has encountered strong friction resistance at $17.50, while the timely support point is at $16.50. The hot plate of avalanche is still cheerful, and has gained an impressive rise in the past week alone.
Investors are interested in AVAX because its trading volume and market value rank are rising. At this stage, he ranks 32nd on CoinMarketCap, with a total market value of 365101391.36 dollars and a 24-hour turnover of 5.1 billion dollars.
The Fibonacci adjustment level shows that there may be some friction resistance against the loan currency at $17.50. If this level can be raised, the next target is undoubtedly $18.35. The value of the relative strength index also proves that AVAX is currently in an overbought area, which indicates that price adjustment may occur in the short term before further rise.
In addition, the moving average system shows that with the 50 day moving average exceeding the 200 day moving average, AVAX/USD is showing a bullish development trend. The sales market is biased towards a bullish mentality in the short term, and most performance indicators have a buying signal.
However, the avalanche price analysis on the 4-hour chart shows that it is very likely that the loan currency will suffer some bullish adjustment in the near future. MACD shows a bullish transition point, while RSI is developing in the overbought direction, which indicates that traders may take profits before further bullish.
Ichimoku Cloud also indicated that the composition would face friction resistance of $17.50, but if this level could be raised, the overall target for the next increase would undoubtedly be $18.35.
In a word, the avalanche price analysis is still bullish today, and both sides once again defend the support point level and promote higher levels in the market. If the short order is for profit taking, the traders may see short-term adjustment before further increase.
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