- AVAX maintains bullish momentum despite price fluctuations.
- Strong market dominance pushes AVAX prices upwards.
- Positive indicators suggest a potential for further AVAX price gains.
Avalance (AVAX) market bullish momentum has been strong over the previous 24 hours despite negative attempts to lower prices. During this upward price movement for AVAX, the price found support around $11.21 and resistance at $11.57. As of this writing, bullish dominance had pushed the price up 0.70 % from the previous close, valuing it at $11.37.
AVAX’s market capitalization and 24-hour trading volume increased by 0.76% and 15.33%, respectively, to $3,926,864,233 and $92,787,184. If AVAX’s bullish momentum can break above the $11.57 hurdle, the $12.00 level may serve as the next objective, potentially luring additional buyers.
However, if the bears successfully push the price below the $11.21 support level, AVAX may suffer a brief setback before regaining support around the $10.80 level.
AVAX/USD 24-hour price chart (source: CoinMarketCap)
On the AVAX/USD price chart, the Aroon up (orange) and down (blue) hit 71.43% and 50.00%, respectively. The Aroon’s movement indicates that the market’s bullish momentum is strong, with the Aroon up line showing that the price is heading higher and the Aroon down line indicating minimal opposition to this upward movement.
A positive value implies more purchasing pressure than selling pressure, according to the Chaikin Money Flow (CMF), which monitors the movement of money into or out of an asset.
With a value of 0.04 on the 3-hour price chart, the Chaikin Money Flow (CMF) has turned into positive territory, confirming the bullish attitude in the AVAX/USD market.
AVAX/USD price chart (source: TradingView)
In the AVAX price chart, the Bull Bear Power (BBP) motion is positive, indicating that buyers are now dominating the market and driving prices up. If the Bull Bear Power indicator remains positive, it may signal that the bullish momentum will continue, leading to greater price gains.
However, if bears regain some of their losses and the BBP indicator falls into negative territory, it might indicate a change in market mood and a possible price trend reversal.
The stochastic RSI rating of 57.29 and movement below its signal line indicate a neutral to slightly optimistic market outlook. This level suggests that the present price trend may continue, although some resistance may be in store if bullish momentum falters.
AVAX/USD price chart (source: TradingView)
In conclusion, AVAX’s bullish momentum remains strong, with potential for further gains if it breaks above the $11.57 resistance level. However, a drop below $11.21 could lead to a temporary setback.
Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.
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