Crypto

Avalanche Action May Indicate a Bullish Trend

Avalanche (AVAX) current price action is indicating a strong bullish trend

The price analysis of the Avalanche (AVAX) on July 25th indicated that the AVAX/USD pair is representing a strong bullish market sentiment. Moreover, AVAX price was witnessing resistance at $24.22, while the support ground was at $22.89.

Things seem to be much different today for the crypto, as the AVAX is trading at 20.66 and is having a resistance at $22.51, according to CoinMarketCap. If the price broke this level, it is more likely that it could surge higher.

Furthermore, on the four-hour chart, the RSI indicator is nearing to overbought, which may be a signal to that the price will correct lower soon.

When having a look ate AVAX’s 1-day chart, it shows that it has been on a downward trend for a few days. However, Avalanche price has found support at the $15 level and is starting to rebound from this level. The bears still somehow have dominance over the market, and if the price drop below that level, sharper downside is possible.

The immediate resistance stands at the $24.12 level, which is very close to the 21-day moving average. Also, if the price breaks through the $24.12 level, it could each as high as $27.51.

By the time of writing this article, Avalanche(AVAX) is trading at $23.27 in green.

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