Avalanche (AVAX) Price Rallies: Can It Break Through the $30 Barrier?

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As a researcher with experience in the cryptocurrency market, I’m observing with optimism the current trend of AVAX price. Based on my analysis of the data from Kraken, I see that AVAX has been steadily rising after finding support near $25.00. The price has broken above several resistance levels, including $28.65 and $29.40, and is now trading above its 100-hourly simple moving average.

The price of Avalanche is picking up speed, surpassing the $28.65 barrier. If Avalanche manages to break through the $30.00 resistance level, it may continue to climb higher.

    AVAX price is moving higher from the $27.40 support zone against the US dollar.
    The price is trading above $28.65 and the 100-hourly simple moving average.
    There was a break above a key declining channel with resistance at $28.40 on the hourly chart of the AVAX/USD pair (data source from Kraken).
    The pair could continue to rise if it stays above the $28.65 and $28.50 support levels.

AVAX Price Aims Higher

Following a persistent downtrend, the value of Avalanche’s AVAX coin stabilized around the $25.00 mark, creating a solid foundation for further growth. Similar to Bitcoin and Ethereum, the price began to surge upward from this level.

The price surged past the 8% mark and shattered various obstacles around $28.50. On the hourly chart for the AVAX/USD pair, there was a breach above a significant downward trendline, which previously acted as resistance at $28.40. Furthermore, the pair managed to overcome the $29.40 barrier and entered the positive territory.

The current price of AVAX is hovering above the $28.50 mark and the 100-hour moving average, suggesting a potential uptrend. Additionally, it lies above the 23.6% Fibonacci retracement level, which follows a price correction from its swing low at $27.37 to its high at $29.95, indicating positive signs for investors.

The good news is that a significant resistance lies around the $30.00 mark. Another major resistance is shaping up close to $30.50. If the price manages to break above this resistance, it could lead to a substantial price increase. Consequently, the price may climb steadily towards the $32.50 or even reach as high as $34.00.

Dips Supported in Avalanche?

if the price of AVAX doesn’t rise beyond $30.00 or $30.50, there’s a risk it may initiate a decline. The nearest resistance to potential falls lies around $29.35.

The primary source of resistance lies around the $28.65 area, which aligns with the 50% Fibonacci retracement mark following the price rise from the $27.37 swing low to the $29.95 peak. A potential breach below the $28.65 threshold may trigger a decline toward $28.00 and the 4-hour simple moving average (SMA), with the next substantial support found at around $27.40.

Technical Indicators

Hourly MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.

Major Support Levels – $29.35 and $28.65.

Major Resistance Levels – $30.00 and $30.50.

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2024-07-01 08:10