Avalanche Price Steadies Above $22, Could Attempt To Touch $26

Avalanche price action has remained bearish on the chart at the time of writing. AVAX has maintained the price above its support line of $22. Right after the coin surged and revisited the $24 mark, it started to retrace on its chart.

This is a price correction as Avalanche price showed appreciation over the last two weeks. At the moment Avalanche is witnessing a profit booking which has caused buying strength to fade away over the last few days.

Incase Avalanche price manages to push above the $25 price zone, the bullish force might gain strength. Buyers can again find their way back to the market if AVAX falls on its chart which in turn could trigger another rally.

Broader crypto market strength also remains low with BTC crawling below the $23,000 price mark. Ethereum too extended losses over the last 24 hours. Most altcoins followed the same price trajectory.

For Avalanche price to reclaim its immediate resistance of $24.8, strength from buyers remain crucial. The global cryptocurrency market cap today is at $1.1 Trillion with a 2.5% fall in the last 24 hours.

Avalanche Price Analysis: Four Hour Chart

Avalanche price
Avalanche was priced at $23.12 on the four hour chart | Source: AVAXUSD on TradingView

AVAX was trading at $23.12 at the press time. It displayed a correction after it witnessed a rally in the past two weeks. Immediate support for the coin was at $22 and continued selling pressure could push Avalanche price to $21.

Overhead resistance for Avalanche was at $24.8, a break above that level could catapult Avalanche price to $26. The coin has been struggling to break past the aforementioned price level for multiple weeks now.

At the moment, sellers have flocked the market for profit booking as Avalanche price registered an upswing just two weeks ago. The volume of Avalanche traded in the past session was less compared to the session before that. This could hint towards fall in buying strength.

Technical Analysis

Avalanche price
Avalanche displayed fall in the number of buyers on the four hour chart | Source: AVAXUSD on TradingView

The altcoin’s buying strength was low on its chart. The recent profit booking was the reason why sellers outnumbered buyers. Technical indicators signalled the same reading. The Relative Strength Index was parked a little below the half-line which meant that selling pressure was higher than buying pressure.

Avalanche price peeped slightly above the 20-SMA line, this could be a mixed signal. A reading above the 20-SMA means bullish, a reading below that means sellers were driving the price momentum in the market.

Avalanche price
Avalanche flashed buy signal on the four hour chart | Source: AVAXUSD on TradingView

The other technical indicators painted a mixed signal. The Chaikin Money Flow that is concerned with the capital inflows and outflows was seen to be in a positive zone. CMF’s reading above the zero-line indicated that capital inflows exceeded outflows at the time of writing.

Moving Average Convergence Divergence depicts the price momentum and change in price direction. MACD also underwent a bullish crossover and formed green histograms. Green histograms were signs of buying signal for the coin. This also meant that if buyers acted on it, AVAX would register gains.

Related Posts

EOS price jumps 20% for biggest gain in 15 months — what’s fueling the uptrend?

EOS rose approximately 20% to reach $1.66 on Aug. 17 and was on track to log its best daily performance since May 2021. Initially, the EOS rally came…

NY judge allows Celsius to mine, sell Bitcoin

Not even 24 hours after revealing a three-month cash flow forecast that threatens total exhaustion of funds, a New York judge allowed crypto lender Celsius Network to…

6 Best New Cryptocurrency Australia to Buy 2022

With the growing popularity of cryptocurrencies, investors from all over the world are looking to buy the best new cryptocurrency assets in 2022. This guide reviews the…

Binance Obtains In-principle Approval to Operate With Cryptocurrencies in Kazakhstan – Exchanges Bitcoin News

Crypto exchange Binance has been granted preliminary approval to offer trading and custody services for digital assets in Kazakhstan. The exchange is yet to complete the full…

BNB Chain aims to raise 30K new Web3 developers across Latin America in 2022

BNB Chain, a blockchain network created by crypto exchange Binance, and Latin America-focused education platform Platzi announced that they will be launching a Web3 development course for…

Former JPMorgan, Barclays execs on why crypto jobs attractive even in bear market

Despite the ongoing cryptocurrency market decline and associated forced layoffs in major crypto firms, a career in crypto doesn’t turn less attractive to many traditional finance executives….