AVAX price is gaining pace above the $36.50 resistance. Avalanche could rise further if there is a clear move above the $40.00 resistance zone.
- AVAX price is moving higher from the $30.50 support zone against the US dollar.
- The price is trading above $35.00 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance at $34.00 on the 4-hour chart of the AVAX/USD pair (data source from Kraken).
- The pair could continue to rise if it stays above the $36.30 and $35.50 support levels.
AVAX Price Aims Higher
After a steady decline, Avalanche’s AVAX found support near the $30.50 zone. A low was formed near $30.58, and the price started a fresh increase, like Bitcoin and Ethereum.
The price gained over 10% and broke many hurdles near $35.00. There was a break above a key bearish trend line with resistance at $34.00 on the 4-hour chart of the AVAX/USD pair. The pair even cleared the 50% Fib retracement level of the downward move from the $39.83 swing high to the $30.58 low.
AVAX price is now trading above $36.50 and the 100 simple moving average (4 hours). On the upside, an immediate resistance is near the $37.65 zone or the 76.4% Fib retracement level of the downward move from the $39.83 swing high to the $30.58 low.
Source: AVAXUSD on TradingView.com
The next major resistance is forming near the $39.80 zone. If there is an upside break above the $39.80 level, the price could surge over 10%. In the stated case, the price could rise steadily toward the $42.50 level or even $44.00.
Dips Supported in Avalanche?
If AVAX price fails to continue higher above the $37.65 or $39.80 levels, it could start a downside correction. Immediate support on the downside is near the $36.30 level.
The main support is near the $35.20 zone and the 100 simple moving average (4 hours). A downside break below the $35.20 level could open the doors for a major decline towards $32.80. The next major support is near the $30.50 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 – $36.30 and $35.20.
Major Resistance Levels – $37.65, $39.80, and $42.50.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
