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•AVAX/USD is currently priced at $93.75 and has increased by 2.76% over the past day
•The technical indicators suggest a positive outlook for the near term
•The trading volumes have increased by 49.50% over the past day
Short Term View: Avalanche pushes for further gains
The Avalanche Coin price today is $93.75 USD with a 24-hour trading volume of $1,755,272,927 USD. Avalanche Coin is up 2.76% in the last 24 hours. The trading volumes have increased significantly over the past day, suggesting increased investor activity. The Volume to Market Cap Ratio, on the other hand, stands at 0.07005.
The immediate upward retracement seen in November 2021 took AVAX price to an all-time high. Later, the altcoin marked continual correction with in-between pick-ups and drops to date. Currently, the asset is in the midst of an uptrend as it is transacting above the 20,50 SMA on the four-hour chart. The movement of the 20,50 SMA above the long-term 200 SMA points towards an increase in bullish activity as well. The resistance for the altcoin is placed at $98.6 whereas the support resides at $89.5 on the other end of the spectrum.
Long Term View for AVAX
The uptick in Avalanche Coin is accompanied by high trading volumes, and today’s bar is wide-ranging, suggesting increasing demand and confidence. The RSI for the altcoin is currently transacting at 63.59 and is gradually headed towards the overbought territory. The green histograms have been gaining traction for a while now, while the MACD and signal lines are placed comfortably in the positive zone.
Conclusion
Avalanche Coin’s technical analysis indicates that the current price is quite positive for investors. If the coin is able to sustain the immediate resistance level, it may further move up, giving huge profits in the near term.
Support: $89.5
Resistance:$98.6-$102.8
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
