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- Token shows bullish actions in previous sessions.
- The pair of AVAX/USD is trading at the price level of $12.13 with a gain of 6.10% in the past 24 hours.
Avalanche is a cryptocurrency that has made waves in the world of digital currencies. Its innovative algorithm and rapid transaction speed have pushed it to the top of the list of digital currencies. Recently, the coin has shown bullish momentum and is approaching the 50 EMA.
AVAX bull on charge
The overall trend of the token is negative, with lower highs and lower lows. The token has fallen below the demand zone, but it is currently showing signs of recovery. AVAX is currently trading at $12.13 on the daily chart, up 6.10% in the previous 24 hours. The price is now trading below its major Moving Averages (50 and 200 EMA). (The blue line is the 200 EMA, while the red line is the 50 EMA.) We can see bulls trying to gain traction following a string of red candles, as well as bears’ dominance over bulls. It will be difficult for the token to break above 50 EMA, as it has been giving resistance to the token for a long time.
MACD: A bullish crossover has occurred on the MACD. A bullish crossover occurs when the MACD blue line crosses the Orange signal line in an upward direction. I. The occurrence of a bullish crossover on the MACD shows that the token has gained bullish momentum on the daily chart.
Analyst view & Expectations
The token is still in a downtrend, with resistance at the 50 EMA and the long term trend line. Bullish crossover would lead in a short-term bullish trend or a pullback to the 50 EMA. To reverse the trend, the token must cross and hold the 50-day moving average (EMA). Investors are advised to wait or can take early trade since this might be a pullback rather than a trend change. Intraday traders have a good opportunity to buy and can aim for $12.73 or the 50 EMA.
According to our current Avalanche price prediction, the price of Avalanche will fall by -6.41% and hit $ 11.30 in the coming days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 29. (Fear). Over the previous 30 days, Avalanche had 12/30 (40%) green days and 8.11% price volatility. According to our Avalanche prediction, now is a good time to buy Avalanche.
Technical Levels
Major support: $10.77
Major resistance: $12.73
Conclusion
We can see gaining strength after a bullish crossover on the MACD. Investors can either wait for the token to cross the 50-day moving average (EMA) or enter the market early based on their risk-to-reward ratio.
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
