AVAX Price Continues to Rise
After finding support near the $38.00 zone, Avalanche’s AVAX has started to move higher. The price has surpassed $40.00 and is currently trading above $42.00 and the 100 simple moving average (4 hours).
A rising channel is forming with support around $40.80 on the 4-hour chart of the AVAX/USD pair.
An immediate resistance lies near the $45.40 zone, followed by a major resistance near $46.80. If the price breaks above these levels, it could experience a surge of over 10% and potentially reach $50 or even $52.
Possible Dips Supported in Avalanche
If AVAX fails to continue its upward trend and breaks below the $45.40 or $46.80 levels, a downside correction may occur. The immediate support on the downside is at $40.80, along with the channel trend line.
The main support level is at $38.00, and if broken, it could lead to a significant decline towards $34.20 and the 100 simple moving average (4 hours). Another major support level can be found near $27.50.
Technical Indicators
The MACD for AVAX/USD on the 4-hour chart is showing bullish momentum, while the RSI is now above the 50 level.
Hot Take: AVAX Price Shows Strong Momentum
Avalanche’s AVAX price has shown strong momentum as it continues to rise from its support zone. With trading above key resistance levels and forming a rising channel, there is potential for further upward movement.
However, if the price fails to break above certain levels, a downside correction may occur. Traders should keep an eye on the support levels and technical indicators to assess the future direction of AVAX.
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