AVAX Price Surge
AVAX price is on an upward trend, with strong support seen at $24.70 against the US dollar. The cryptocurrency has surpassed the $26.50 mark and is currently trading above the 100-hourly simple moving average. Recent developments suggest further upside potential for AVAX.
Key Breakout on AVAX/USD Chart
An essential breakout was witnessed on the AVAX/USD hourly chart, indicating a bullish trend. A crucial bearish trend line was breached, with resistance noted at $26.50. This breakout suggests that AVAX may continue its upward trajectory as long as it remains above the $26.00 and $25.50 support levels.
– AVAX price finds support near $22.00 zone
– A support base forms above $22.00
– Price sees a fresh increase resembling Bitcoin and Ethereum
– Price surges over 7%
– Breaks multiple barriers near $25.00
– Clears 76.4% Fib retracement level
– Resistance levels ahead
– Immediate resistance at $27.75
– Major resistance near $28.70 zone
– Potential upside towards $30.00 or $32.00 levels
Potential Correction for AVAX
However, if AVAX fails to maintain momentum above $27.75 or $28.70, a corrective phase may ensue. Initial support is expected at the $26.50 level, followed by crucial support near $26.00 and the 100-hourly simple moving average (4 hours).
– Downside risks
– Immediate support at $26.50
– Main support at $26.00 and 100 SMA
– Further downside may lead to $24.70 and $22.50 support levels
Technical Indicators for AVAX
The technical indicators for AVAX/USD suggest a bullish outlook, with the hourly MACD gaining momentum in the bullish zone. The hourly RSI is also above the 50 level, indicating positive market sentiment for AVAX.
– Hourly MACD gaining momentum
– Hourly RSI above 50 level
– Major support levels at $26.50 and $26.00
– Major resistance levels at $27.75 and $27.70
Hot Take: AVAX Poised for Further Growth
AVAX price shows resilience and potential for continued growth, supported by strong buying interest. With key breakout levels breached and technical indicators favoring the bulls, AVAX may continue on its upward trajectory towards the $30.00 and $32.00 levels.
Stay tuned for further updates on AVAX performance and market dynamics in the upcoming trading sessions.
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