The Rise of AVAX Price: A Technical Analysis

The Rise of AVAX Price: A Technical Analysis

The AVAX price has been showing a positive momentum recently, gaining pace above the $36.50 resistance level. The current movement of AVAX is indicating a potential rise if there is a clear move above the $40.00 resistance zone. The price of AVAX has been moving higher from the $30.50 support zone against the US dollar. Additionally, the price is trading above $35.00 and the 100 simple moving average (4 hours).

There was a significant breakout in the AVAX price as it surpassed a key bearish trend line with resistance at $34.00 on the 4-hour chart of the AVAX/USD pair. This breakout has paved the way for further gains. The price of AVAX even cleared the 50% Fibonacci retracement level of the downward move from the $39.83 swing high to the $30.58 low. Currently, AVAX price is trading above $36.50 and the 100 simple moving average (4 hours).

On the upside, an immediate resistance for AVAX price is near the $37.65 zone or the 76.4% Fibonacci retracement level of the downward move from the $39.83 swing high to the $30.58 low. The next major resistance level is forming near the $39.80 zone. In case of an upside break above the $39.80 level, the price could potentially surge over 10% towards the $42.50 level or even $44.00.

If the AVAX price fails to continue higher above the $37.65 or $39.80 levels, there could be a potential downside correction. Immediate support on the downside is near the $36.30 level, with the main support zone being near $35.20 and the 100 simple moving average (4 hours). A downside break below the $35.20 level could open up the possibility for a major decline towards $32.80, with the next major support being at the $30.50 level.

The 4-hour MACD for AVAX/USD is gaining momentum in the bullish zone, indicating a potential continuation of the upward trend. Additionally, the 4-hour RSI (Relative Strength Index) for AVAX/USD is now above the 50 level, further supporting the bullish momentum of AVAX price.

The technical analysis of AVAX price movement suggests a positive outlook with potential for further gains if the price continues to stay above key support levels and breaks resistance barriers. Traders and investors are advised to conduct their own research and exercise caution while making investment decisions. The cryptocurrency market is highly volatile, and investing carries inherent risks. It is important to use information provided on this website entirely at your own risk and seek professional financial advice before making any investment decisions.

Analysis

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