AVAX Price Showing Strength as it Moves Higher
If you are holding AVAX, you will be pleased to know that the price is showing strength as it moves higher from the $30.50 support zone against the US dollar. Here are the key points to note:
- The price is currently trading above $35.00 and the 100 simple moving average (4 hours).
- A bullish trend line has been broken with resistance at $34.00 on the 4-hour chart of the AVAX/USD pair (data source from Kraken).
- For investors, the potential to continue rising lies in staying above the $36.30 and $35.50 support levels.
What Triggered AVAX’s Price Surge?
After experiencing a downward trend, Avalancheโs AVAX found a solid foundation near the $30.50 zone. The price formed a low around $30.58 before starting a fresh upward trend. Similar to Bitcoin and Ethereum, AVAX experienced:
- A significant 10% increase and surpassed several obstacles around $35.00.
- A breakthrough of a crucial bearish trend line with a resistance at $34.00 on the 4-hour chart of the AVAX/USD pair.
- Breakthrough of the 50% Fib retracement level from the recent downward move.
What’s Next for AVAX Price?
The price of AVAX is now trading above $36.50 and the 100 simple moving average (4 hours), indicating a positive momentum. Here’s what you can expect:
- Immediate resistance at approximately $37.65 or the 76.4% Fib retracement level of the recent downward move.
- A major resistance forming around the $39.80 zone, paving the way for a potential surge of over 10%.
- Potential rise towards the $42.50 level and possibly even $44.00 in the near future.
Are Dips Supported in Avalanche?
However, if AVAX price fails to sustain the upward trend above $37.65 or $39.80 levels, a correction might be on the cards. Here are the levels to watch out for:
- Immediate support around the $36.30 level to prevent a significant decline.
- Primary support near the $35.20 zone and the 100 simple moving average (4 hours).
- A break below $35.20 could signal a downward move towards $32.80 and ultimately the $30.50 level.
Technical Indicators for AVAX
- 4 hours MACD โ Indicates gaining momentum in the bullish zone.
- 4 hours RSI โ Currently above the 50 level, indicating a positive outlook for AVAX.
- Key Support Levels โ $36.30 and $35.20.
- Key Resistance Levels โ $37.65, $39.80, and $42.50.
Hot Take: The Bullish Momentum Continues for AVAX
If you are tracking AVAX, the bullish momentum is evident as the price continues to rise, supported by key levels and technical indicators. Stay tuned for potential further gains as the market dynamics evolve.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding. A guiding star for both audacious explorers and curious neophytes journeying through the crypto galaxy, Newt’s insights forge a compass for insightful decision-making amidst the ever-evolving universe of digital assets. With the precision of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.
