As an experienced analyst, I have closely monitored the price movement of Avalanche (AVAX) and have formed an opinion based on its recent upswing and approaching resistance level.
Recently, Avalanche (AVAX) has experienced a robust bounce-back following a correction, generating renewed excitement amongst investors and traders. This positive trend emerges after a setback at $23.49, implying a possible attempt to surmount the $30.34 resistance barrier.
As I observe AVAX‘s progression towards a significant milestone, I find myself fixated on this cryptocurrency’s ability to uphold its bullish trend and surmount the obstacle at $30.34. This level holds great significance in the current market context, as it could potentially dictate whether Avalanche can sustain its upward momentum and reach new heights.
In this piece, we explore how technical indicators can be applied to analyze Avax’s present price trend and anticipate possible outcomes should the price hit the $30.34 resistance mark.
Analyzing Avalanche’s Current Upswing
At present on the 4-hour chart, Avax’s price is trading above its 100-day Simple Moving Average (SMA). Despite a generally sideways trend, there’s a chance for further price increases.
As a crypto investor, I’ve noticed that the 1-day RSI signal line for Avalanche is indicating bearish price action. However, it’s important to keep in mind that this could be a short-term trend, and at some point, we may see the price rebound and start to rise once again.
On the daily timeframe, Avalanche remains beneath its 100-day moving average but is making a strong push higher. It’s currently aiming for a rebound to hit the $30.34 resistance mark, demonstrating persistent buying pressure.
The 1-day Relative Strength Index (RSI) for AVAX forming above the oversold zone and approaching the 50% level indicates the current bullish trend. Therefore, it’s possible that AVAX’s price will experience a minor correction before attempting to surpass the $30.34 resistance mark.
Breaking Through Or Facing Rejection At $30.34?
Upon examining the potential developments of AVAX‘s price, it was found that surpassing the $30.34 resistance could lead to further growth, pushing the price towards the $36.15 resistance. If this hurdle is successfully conquered, AVAX may aim for even greater heights by targeting higher resistance levels.
Should the crypto asset fail to surmount the $30.34 resistance, it could trigger a downward trend toward the $23.49 support. A breach of this floor might lead to further declines, potentially targeting the $18.81 support and even lower levels as the price falls below that mark.
At the current moment, the value of AVAX was hovering around $28.23. This cryptocurrency experienced a growth of 1.01%, giving it a total market capitalization exceeding $11 billion. The trading volume amounted to over $336 million. During the last 24 hours, there was a rise of 1.01% in AVAX’s market cap and a decrease of 3.07% in its trading volume.
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2024-06-30 02:10