AVAX price is gaining pace above the $28.65 resistance. Avalanche could rise further if there is a c
AVAX price is gaining pace above the $28.65 resistance. Avalanche could rise further if there is a clear move above the $30.00 resistance zone.
AVAX Price Aims Higher
After a steady decline, Avalanches AVAX found support near the $25.00 zone. A support base was formed above $25.00, and the price started a fresh increase, like Bitcoin and Ethereum.
The price gained over 8% and broke many hurdles near $28.50. There was a break above a key declining channel with resistance at $28.40 on the hourly chart of the AVAX/USD pair. The pair even cleared the $29.40 resistance to move into a positive zone.
AVAX price is now trading above $28.50 and the 100-hourly simple moving average. It is showing positive signs above the 23.6% Fib retracement level of the upward move from the $27.37 swing low to the $29.95 high.
On the upside, an immediate resistance is near the $30.00. The next major resistance is forming near the $30.50 zone. If there is an upside break above the $30.50 level, the price could accelerate higher. In the stated case, the price could rise steadily toward the $32.50 level or even $34.00.
Dips Supported in Avalanche?
If AVAX price fails to continue higher above the $30.00 or $30.50 levels, it could start a downside correction. Immediate support on the downside is near the $29.35 level.
The main support is near the $28.65 zone and the 50% Fib retracement level of the upward move from the $27.37 swing low to the $29.95 high. A downside break below the $28.65 level could open the doors for a drop toward $28.00 and the 100 simple moving average (4 hours). The next major support is near the $27.40 level.
Technical Indicators
Hourly MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.
Major Support Levels – $29.35 and $28.65.
Major Resistance Levels – $30.00 and $30.50.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
0.00