Avalanche (AVAX) Makes a U-turn Towards Resistance at the $23.00 Mark

Price movements in the Avalanche daily market earlier challenged the price resistance level at the $23.00 mark. However, the challenge failed as the driving force fizzled out very close to the mentioned price resistance level. At this point, it appears that buyers are making another attempt to break this resistance one more time.

Key Avalanche Statistics:
Current Basic AVAX Value: $22.17
AVAX Market Cap: $8,166,785,138
Avalanche Circulating Supply: 365,145,505
Total Supply of AVAX: 720,000,000
Avalanche CoinMarketCap Ranking: 13

Key Price Levels:
Resistance: $22.17, $23.00, and $24.00
Support: $22.00, $21.00, and $20.00.

Avalanche Bulls Regain Confidence Above Favorable Support

There is a resurgence of upside momentum in the AVAX daily market, and its price action now has an upside bearing. Today’s trading session has brought more significant profit than in the previous trading session.

Meanwhile, the Relative Strength Index (RSI) indicator lines have just delivered a bullish crossover in the heart of the oversold region. With the token seeing a more significant price increase in the ongoing session, more movement may be seen in this market since the bullish crossover will strengthen more traders to go long.

AVAX Encounters Rejection at the $22.21 Mark

As upside momentum continues to strengthen in the Avalanche 4-hour market, it can be seen that price action has corrected minimally off the uppermost limit of the Bollinger Bands. As a result, price action stays above the $22.00 mark. Meanwhile, trading activities remain above the middle limit of the Bollinger Bands. Also, despite the minimal correction seen in the current session, the RSI lines still have an upside bearing in the overbought region.

This shows that the uptrend seems hyper-extended over a shorter time frame. Nevertheless, since trading continues very close to the uppermost band of the Bollinger Bands, we can anticipate that bulls can approach $23.50.

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