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

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Avalanche price action on the chart remained bearish at the time of writing. AVAX holds the price above its $22 support line. Immediately after the coin rose and revisited the $24 mark, it began to recover on its chart.

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This is a price correction as the price of Avalanche has risen in the last two weeks. At the moment Avalanche is taking profits, which has led to a weakening in purchasing power over the past few days.

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If the Avalanche price manages to rise above the $25 price zone, the bullish power could increase. Buyers may re-enter the market if AVAX drops on the chart, which in turn could trigger a new rally.

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The broad crypto market strength also remains low as BTC creeps below the $23,000 price point. Ethereum has also increased losses in the last 24 hours. Most altcoins followed the same price trajectory.

In order for the Avalanche price to regain its immediate resistance of $24.8, the strength of the buyers remains critical. Today, the capitalization of the global cryptocurrency market is $1.1 trillion. 2.5% drop in the last 24 hours.

Avalanche Price Analysis: 4-Hour Chart

Avalanche Price
Avalanche was priced at $23.12 on the 4-hour chart | Source: AVAXUSD on TradingView

At press time, AVAX was trading at $23.12. It showed a correction after witnessing a rally over the past two weeks. Immediate support for the coin has been at $22 and continued selling pressure could push Avalanche’s price up to $21.

Upper resistance for Avalanche was at $24.8, a break above this level could push the price of Avalanche to $26. The coin has been trying to overcome the aforementioned price level for several weeks now.

For now, sellers have flooded the market looking for profits as the price of Avalanche registered a rally just two weeks ago. Avalanche’s trading volume last session was smaller compared to the previous session. This may indicate a drop in purchasing power.

Technical analysis

Avalanche Price
avalanche showed a drop in the number of buyers on the four-hour chart | Source: AVAXUSD on TradingView

The purchasing power of the altcoin on the chart was low. The recent profit posting caused more sellers than buyers. Technical indicators showed the same value. The Relative Strength Index was slightly below its midline, which meant that selling pressure was higher than buying pressure.

Avalanche price peeked slightly above the 20-SMA line, this could be a mixed signal. Readings above the 20-SMA mean bullish sentiment, readings below mean that the sellers have controlled the price momentum in the market.

Avalanche Price
Avalanche flashes a buy signal on the 4-hour chart | Source: AVAXUSD on TradingView

Other technical indicators drew a mixed signal. Chaikin’s cash flow associated with the inflow and outflow of capital was in the positive zone. A CMF value above the zero line indicates that, at the time of writing, capital inflows have outpaced outflows.

The convergence-divergence of moving averages displays the momentum of the price and the change in price direction. The MACD has also undergone a bullish crossover and formed green histograms. Green histograms were a signal to buy the coin. It also meant that if buyers acted on it, AVAX would post a profit.

Featured image from Kalkine Media, chart from TradingView.com



Credit : www.newsbtc.com

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