AVAX Price Uptrend To Continue? These Could Be The Factors To Watch
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.
Filed under: Bitcoin - @ May 6, 2024 6:13 am