The recent session in the AVAX market witnessed a significant downward correction after the price action reached the $23.00 mark. However, there has been a subsequent moderate upside correction in the ongoing session. As the token has only been able to recover barely half of the previously incurred losses, let’s see how things may develop shortly.
Key AVAX Statistics:
Current Avalanche Value: $21.73
Avalanche Market Cap: $7,397,313,800
Circulating Supply of AVAX: 355,588,040
Total Supply of AVAX: 432,964,220
Avalanche CoinMarketCap Ranking: 13
Key Price Levels:
Resistance: $21.73, $22.00, and $23.00
Support: $21.00, $20.00, and $19.00
Avalanche Aims for the $23.00 Price Mark
AVAX’s price movements in the daily market suggest that buyers are making efforts to return prices to an upward path. This can be seen as today’s trading session has seen the token correct upwards by over 3.20%, following more significant losses penned in the previous session.
Trading activities remain above the middle limit of the Bollinger Bands, while the Relative Strength Index (RSI) indicator lines maintain a bearish stand. The lines of the RSI can be seen dipping further into the oversold region. Nevertheless, given the recorded profits in the ongoing session, one can still anticipate an additional upside correction.
AVAX Bulls Challenging a Key Resistance
In the Avalanche 4-hour market, price action can be seen going head-to-head with a resistance formed by the middle band of the Bollinger Bands indicator. Likewise, the upper shadow of the current session can be seen popping through the mentioned resistance. Furthermore, the Relative Strength Index indicator lines are still trending upwards to reveal a continued gain in upside momentum.
However, by carefully examining the RSI line, one may see that these lines are a bit hypersensitive with respect to the observed price move. Despite this, it’s still fair to anticipate an upside correction towards the $23.00 mark at the very least.
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