Avalanche price has shown an uptrend in the last 24 hours. It has been one of the few altcoins that has remained positive despite most of the altcoins losing value in the past.
In the past days alone, the altcoin has appreciated close to 4%. In the past week, AVAX is up over 16%.
It is important that the avalanche continues to run upwards for positive price action in the market. The technical perspective of the coin shows that the bulls are in complete control of the asset.
The demand for the coin bounced north and buying power continued to register a northward movement on the chart. The possibility of a fall in prices cannot be ruled out for now.
It is important for AVAX to move beyond the $19 price mark. Avalanche price will continue to rally above this price mark.
Tough resistance for the avalanche was at $19.60, and a move beyond this would make it easier for the coin to touch the $20 price level.
The global cryptocurrency market cap today stands at $1.06 trillion, with a 0.0% Changes in the last 24 hours.
Avalanche Price Analysis: One Day Chart
AVAX was trading at $18.90 at the time of writing. The bulls are trying to move above the immediate resistance mark for the coin.
By doing so, the avalanche will be hit sharply in the next trading session. The coin had overhead resistance at $19.07 and then at $19.60.
Crossing these two hurdles will take AVAX to the $20 price mark. On the other hand, if AVAX had to lose its current price level, it could be pulled down to $17.
Below the $17 price mark, the coin will drop closer to $16. The avalanche volume traded in the previous trading sessions indicates that the coin has registered increasing buying power.
The purchasing power of altcoins was last as strong as in the month of August. This reflects a multi-month high in the number of buyers.
The relative strength index crossed its half-line and was about to enter the overbought zone with a move closer to the 80-mark.
Avalanche price was above the 20-SMA line, indicating that the demand for the coin had increased and buyers were driving the price momentum in the market.
AVAX has said that buyers were fairly positive at the time of writing. The coin has recorded a buy signal on its one-day chart.
Moving Average Convergence Divergence indicates the price momentum and direction of the asset.
MACD was positive as it painted a green histogram above the halfway line, which also acted as a buy signal for the coin.
Chaikin suggests the amount of capital inflows and outflows on a money flow chart. The CMF was at the zero line, meaning an equal amount of capital inflows and outflows.
Featured Image From Shrimpy Academy, Charts From Tradingview