AVAX Price Prediction: Avalanche Bulls Aim New 2023 High Above $22
AVAX Price Prediction | Photo by SpaceX on Unsplash
Avalanche’s AVAX is climbing above $20. The price could gain bullish momentum if it clears the $22.50 resistance zone.
Avalanche’s AVAX Price Eyes More Gains
This month, AVAX’s price increased from the $17.00 support zone against the US Dollar. Then, the price rose steadily above the $18.50 and $19.00 resistance levels.
There was a clear move above the $20.00 resistance zone and the 50 simple moving average (4 hours, blue). Besides, the bulls pumped the price above a major bearish trend line with resistance near $13.00 on the 4-hours chart.
AVAX price 4-hour chart | Source: AVAXUSD on TradingView.com
The price gained over 15% in the past few days, outperforming Ethereum and Bitcoin. There was also a move above the 61.8% Fib retracement level of the key decline from the $22.76 swing high to the $16.88 swing low.
It trades above the $20 resistance and the 50 simple moving average (4 hours, blue). On the upside, immediate resistance is near the $21.35 level.
The 76.4% Fib retracement level of the key decline from the $22.76 swing high to the $16.88 swing low is also near $21.35. The next major resistance is near the $22.50 level. A clear move above the $22.50 resistance zone could set the pace for a new rally.
In the stated case, the price could test the $25.00 level. Any more gains might open the doors for a move toward the $30.00 resistance.
Dips Limited in AVAX?
Conversely, AVAX’s price might fail to clear the $21.35 resistance zone or $22.50. In the mentioned case, the price could start a downside correction. Initial support is near the $20.20 level or a key bullish trend line, with support near $20.15 on the 4-hours chart.
The next major support is near $19.50 and the 50 simple moving average (4 hours, blue). A close below $19.50 may perhaps increase selling pressure. The price might dive toward the $18.20 support in the stated case.
Overall, the AVAX price shows positive signs above the $20 zone. If the bulls remain in action, it could rally above the $22.50 resistance. If not, there could be a fresh bearish wave toward the $19.50 zone or even $18.20.
The post AVAX Price Prediction: Avalanche Bulls Aim New 2023 High Above $22 appeared first on CoinChapter.
Filed under: Bitcoin - @ February 22, 2023 3:22 pm