AVAX Price Doubles In Value In Few Days
After forming a base above the $10.00 level, Avalanche’s AVAX started a major rally, outperforming Bitcoin and Ethereum. There was a clear move above the $15 and $20 resistance levels. The price gained over 50% in the past few days and even cleared the $22.50 resistance. A new multi-week high was formed near $24.70 and the price is now consolidating gains.
There was a minor decline below the $22.50 level but the bulls were active above $20.00. AVAX price is now trading above $22.00 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $20.50 on the 4-hour chart of the AVAX/USD pair.
Dips Limited in Avalanche?
If AVAX price fails to continue higher above the $24.50 or $25.00 levels, it could start a downside correction. Immediate support on the downside is near the $22.50 level, with major support near the $20.50 zone.
A downside break below the $20.50 level could open doors for a fresh decline towards $18, with the next major support near the $15.50 level.
Technical Indicators
4 hours MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.
Major Support Levels – $22.50 and $20.50.
Major Resistance Levels – $24.50, $25.00, and $30.00.
Source: AVAXUSD on TradingView.com
Hot Take: Avalanche’s AVAX Shows Impressive Gains
Avalanche’s AVAX has seen an impressive surge, doubling in value in just a few days, outperforming major cryptocurrencies like Bitcoin and Ethereum along the way. The digital asset hit a multi-week high near $24.70 before consolidating its gains, showing signs of strong support around the key levels of $20 and $22.50 while forming a key bullish trend line with support at around$20.50.
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