As an experienced financial analyst, I see the current trend in AVAX price with optimistic eyes. Based on my technical analysis of the chart, the support zone at $30.50 was a significant pivot point for AVAX’s recovery. The subsequent rise above the $35.00 resistance and the breakout from the bearish trend line are strong bullish indicators.
As a researcher observing the cryptocurrency market, I’ve noticed that the price of Avalanche (AVAX) has been making steady progress above the resistance level at $36.50. If this trend continues and AVAX manages to break through the resistance zone around $40.00, we could see further growth in its value.
- 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
As a market analyst, I’ve observed that after a prolonged downtrend, Avalanche’s AVAX experienced a rebound and found stability around the $30.50 mark. A local low was established at $30.58, following which the price initiated an uptrend similar to Bitcoin and Ethereum.
As a crypto investor, I’ve noticed an impressive surge in the AVAX/USD pair’s price. It exceeded 10% and shattered various barriers around $35.00. This marked a significant break above a bearish trend line on the 4-hour chart, which previously held resistance at $34.00. Furthermore, the pair managed to clear the 50% Fibonacci retracement level of the downward move from the $39.83 swing high to the $30.58 low.
The current price of AVAX is above $36.50 and the 100-minute moving average on a 4-hour chart. Looking ahead, potential resistance lies near $37.65 or the 76.4% Fibonacci retracement level of the decline from the peak at $39.83 to the low at $30.58.
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?
As a crypto investor, if the price of AVAX doesn’t climb any higher than $37.65 or $39.80, there’s a good chance it may initiate a decline. The first line of defense in the event of a drop lies around the $36.30 mark.
As a researcher, I’ve identified the primary support zone around $35.20, which is also where the 100 simple moving average (SMA) on the 4-hour chart lies. A potential break below this level could trigger a significant decline towards the next major support at approximately $32.80.
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.
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2024-05-06 09:22