As an experienced analyst, I believe that Avalanche’s AVAX is showing strong signs of recovery after finding support near the $22.00 zone. The price has gained over 7% so far and has cleared several resistance levels, including $26.50 and $27.00. The hourly chart indicates a clear bullish trend with the price trading above the 100-hourly simple moving average.
As a crypto investor, I’ve noticed that the price of AVAX is picking up speed and surging above the $26.50 resistance level. If this trend continues and we manage to break through the $27.75 resistance zone, Avalanche could potentially experience even greater growth.
- AVAX price is moving higher from the $24.70 support zone against the US dollar.
The price is trading above $26.50 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $26.50 on the hourly chart of the AVAX/USD pair (data source from Kraken).
The pair could continue to rise if it stays above the $26.00 and $25.50 support levels.
AVAX Price Aims Higher
After a prolonged downtrend, the value of Avalanche’s AVAX token stabilized around the $22.00 mark. Subsequently, a solid foundation was established above this level, triggering a new surge in price similar to that experienced by Bitcoin and Ethereum.
The price surged past the 7% mark and shattered numerous barriers around $25.00. A significant milestone was reached as the AVAX/USD pair breached a bearish trend line on the hourly chart, marked with resistance at $26.50. Moreover, it overcame the 76.4% Fibonacci retracement level of the downward trend from the peak of $27.17 to the low of $24.72.
The duo successfully surpassed the $27.00 barrier, allowing for a shift into favorable territory. At present, the Avax price hovers above $26.50 and lies above its 100-hour moving average.
Positively, a close resistance lies around $27.75. Following this, a significant resistance is taking shape in the vicinity of $28.70 or the 1.618 Fibonacci retracement mark of the price drop from the peak of $27.17 to the trough of $24.72. Should the price overcome the $28.70 barrier, it may surge forward. Consequently, the price could climb steadily toward the $30.00 or even $32.00 mark.
Dips Supported in Avalanche?
As a crypto investor, if the price of AVAX doesn’t advance beyond $27.75 or $28.70, there’s a risk it might initiate a decline. The first line of defense on the downside lies around $26.50.
Support is strongest around the $26.00 area and the 4-hour simple moving average. A decline below $26.00 might lead to a slide down to $24.70. The following significant support can be found at approximately $22.50.
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 – $26.50 and $26.00.
Major Resistance Levels – $27.75 and $27.70.
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2024-07-10 08:28