Avalanche Price Analysis for 30th of August: AVAX/USD May Be at the Beginning of an Upswing

Updated: 30 August 2022

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AVAX/USD has been trending down until it reached the support level of $18.5305. It was at this point it changes its direction; trying to reach up to a higher price level. Looking at today and yesterday’s (that is 30^th and 29^th) price actions, the candlesticks shows increase in the buying pressure. As the market opened, yesterday, sellers pushed the price further lower until buyers regain enough strength to push the price halfway to the bearish opening price of the 28^th of August. The bullish move continue and the current price is now $20.2618

Terra Classic Market Price Statistic:

AVAX/USD price now: $ 20.2618

AVAX/USD market cap: $ 5,760,574,546
AVAX/USD circulating supply: 285,073,096.33
AVAX/USD total supply: 404,229,626
AVAX/USD coin market ranking: #16

Key Levels

Resistance: $20.7435, $22.9340, $24.2320
Support: $18.3910, $16.8498, $14.8215

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Avalanche Market Price Analysis: The Indicators Point of View

When the price reached close to the lower band of the Bollinger indicator, there is the probability that the market will rebound to find higher price levels. It also can mean the beginning of an upward trend. In the Relative Strength Index indicator, RSI line came to settle in the downtrend area on the 19^th of August. The Line touched the threshold of the oversold area and then faces towards an upward position. Currently, the RSI signal line and the RSI line are moving in the downtrend zone of the indicator. And they are about to cross each other. Once the two line crosses in the lower zone of the indicator, the uptrend is confirmed. Another thing to lookout for in order to confirm the uptrend is the price actions and the 9-day moving average. The price action have to cross to the upperside of the moving average.

Avalanche Market Price Analysis: AVAX/USD 4-Hour Chart Outlook

Halfway into the day, the bullish move is weakening, and as a result of this, sellers are making their moves. However, the bearish moves do not appear to be strong enough. The RSI line is retracing the downtrend zone measuring at 48%. Because those bearish moves are not too strong, there is a probability that the market will continue to retrace an upper position.

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