There’s been a sudden surge in the price of AVAX, with a rapid ascent beyond the $28.65 resistance level. Notably, Avalanche appears poised for a further hike provided there’s a definite breakthrough above the formidable $30.00 resistance zone.
Within a fluctuating trading environment against the US dollar, AVAX’s earlier dalliance with the $27.40 support zone has pivoted dramatically. As of now, it’s trading substantially above the psychological benchmark of $28.65. Moreover, it surpasses the 100-hourly simple moving average, signaling a robust streak of high-performance trading.
Taking a deeper look into the hourly chart of AVAX/USD pair (data garnered from Kraken), a promising trend is evident. A pivotal breakthrough shattered a vital declining channel that had held a resistance at $28.40. If the pair retains its momentum above the $28.65 and $28.50 support levels, it could spearhead an exciting uptrend.
Meanwhile, Avalanche’s AVAX, following a fairly stable downturn, discovered a much-needed respite around the $25.00 mark. Here, a sturdy support base was carved, leading to a noteworthy price rejuvenation in the spirit of Bitcoin and Ethereum’s legendary swings.
The exciting part was, AVAX rebounded in style, with an over 8% growth, effortlessly shattering numerous barriers edging near the $28.50 mark. A major milestone was the shattered key declining channel, which bore resistance at $28.40. Even the $29.40 resistance wasn’t a hurdle, as the pair raced into the positive zone.
Now comfortably ensconced above $28.50 and the 100-hourly simple moving average, AVAX is showing much promise. This ascent is all the more laudable given the 23.6% Fib retracement level for the upward swing from a low of $27.37 to a remarkable high of $29.95.
Looking ahead, the challenge lies near the $30.00 mark, a critical resistance area. If there’s any significant upside breakout above the $30.50 levels, the price could skyrocket, raising speculations of a persistent price uptrend toward $32.50 or an exciting reach for $34.00.
Then again, if AVAX struggles to continue soaring beyond the $30.00 or $30.50 levels, an inevitable downside correction could loom. The immediate support area hovers around the $29.35 mark. Meanwhile, the primary support regions lay near the $28.65 zone and the 50% Fib retracement level of the upward trajectory from a low of $27.37 to a high of $29.95. If the price descends below $28.65, the landscape could open up for a further dip towards the $28.00 mark and the 100 simple moving average, spanning over 4 hours. The hefty support is situated around the $27.40 zone.
In terms of technical indicators, the MACD for AVAX/USD is bolstering momentum in the bullish zone. The RSI for AVAX/USD currently stands impressively above the 50-level threshold. The predominant support levels are at $29.35 and $28.65, while the resistance levels to watch are pegged at $30.00 and $30.50.
