Avalanche Price Action Could Suggest Start of Bullish Trend

On July 25th, the Avalanche (AVAX) price analysis indicated that the AVAX/USD pair is showing a strong bullish market sentiment. The price was facing resistance at $24.22, while the support floor was at $22.89.

Today, things are looking a bit different for the crypto. According to CoinMarketCap, AVAX is trading at $20.66 and is facing its resistance at $22.51. If the price breaks through this level, it is likely to surge higher.

On the other hand, on the four-hour chart, the RSI indicator is close to overbought, which means that the price might correct lower soon.

AVAX / US Dollar 1D (Source: TradingView)

Looking at the 1-day chart for AVAX, it shows that the crypto has been on a downward trend for a few days. The price of AVAX has found support at the $15 level and is starting to rebound from this level. However, the bears might still have some control in the market. If the price falls below this level — coils — further downside is possible.

The immediate resistance for AVAX lies at the $24.12 level, which is close to the 21-day moving average. If the price breaks through this level, it could reach as high as $27.51.

AVAX / US Dollar 4h (Source: TradingView)

The 4-hour chart for AVAX indicated that the AVAX/USD pair has formed a bullish flag pattern. This suggests that the bulls are currently in control of the market and that prices are likely to surge soon.

The bull’s next target will probably be $30, which is AVAX’s all-time high.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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