Avalanche Price Can Gain Further Momentum If The Bulls Barrel Past $19

Over the past 24 hours, Avalanche has displayed bullish strength. It is one of few altcoins to have maintained a positive outlook despite the fact that most altcoins lost value in the last day.

Altcoin gained nearly 4% over the past 24 hours. AVAX gained more than 16% in the past week.

Avalanche must continue to move upward in order to maintain positive price action. According to the technical outlook, bulls held complete control over the currency.

The coin was in high demand and the buying power continued to register northbound movements on the chart. There is a possibility of price pullingbacks, however they cannot be discounted.

AVAX must move above the $19 mark. Avalanche’s price will remain bullish if it moves beyond this price point.

Avalanche had a tough resistance of $19.60. It would be easy to move past this level and reach $20.

Today, the global cryptocurrency market is worth $1.06 trillion. 0.0% change in the last 24 hours.

Avalanche Price Analysis: One-Day Chart

Avalanche Price
Source: AVAXUSD on TradingView| Source: AVAXUSD on TradingView

At the time this article was written, AVAX traded at $18.90. Bulls have been working hard to overcome the resistance immediately.

This will ensure that Avalanche has a bullish effect on the trading session. At $19.07 the overhead resistance stood and at $19.60 it fell.

AVAX can cross these two obstacles to reach $20 in price. AVAX’s current price could drop to $17, but the other side of this coin is that it can be brought down to $17.

The coin will fall to close to $16 below the $17 mark. Avalanche volumes traded during the trading session in the past indicate that there has been an increase in buyer interest.

Technical Analysis

Avalanche Price
Avalanche demonstrated significant buying strength in the one-day chart. Source: AVAXUSD from TradingView| Source: AVAXUSD on TradingView

The altcoin’s buying power was last as strong as it is now in the month of August. It was the multi-month record for buyers.

Relative Strength Index zoomed beyond its 50% mark and was about to reach the overbought zone, as it was nearing the 80-mark.

The Avalanche’s price was higher than the 20-SMA, which indicates that buyers had driven the market price momentum.

Avalanche Price
Source: AVAXUSD on TradingView| Source: AVAXUSD on TradingView

AVAX stated that the buyers are very positive about AVAX at the time this article was written. On its one-day chart, the coin received a buy signal.

A Moving Average Convergence divergence is an indicator of price momentum and asset direction.

Positive MACD pictured green histograms over the half-line, which also served as the buy signal.

Chaikin Money flow indicates capital inflows or outflows. CMF was at the zero line which means that there were equal capital outflows and inflows.

Shrimpy Academy, Charts from Tradingview

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