AVAX price is rising above the $36.50 resistance. Avalanche could move higher if there is a clear move above the $40.00 resistance zone.
- AVAX price is rising 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).
- On the 4-hours chart of the AVAX/USD pair, a breakout occurred above the main bearish trendline with resistance at $34.00 (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
After a steady decline, Avalanche’s AVAX found support near $30.50. A low was formed near $30.58 and the price began a new rise, similar to Bitcoin and Ethereum.
The price rose more than 10% and broke many hurdles near $35.00. On the 4-hours chart of the AVAX/USD pair, there is a break above the main bearish trend line at the resistance level of $34.00. The pair has cleared the 50% Fib retracement level of the downward move from the $39.83 swing high to the $30.58 low.
AVAX price is currently trading above $36.50 and the 100 simple moving average (4-hours). On the upside, immediate resistance is near the $37.65 zone or the 76.4% Fib retracement of the downward move from the $39.83 swing high to the $30.58 low.
Source: AVAXUSD on TradingView.com
The next major resistance is forming near the $39.80 area. If there is upside beyond the $39.80 level, the price could surge by more than 10%. If stated, the price could steadily rise to the $42.50 or $44.00 level.
Are dips supported in Avalanche?
If AVAX price fails to continue rising above the $37.65 or $39.80 levels, a downward correction could begin. Immediate support for the downside is near the $36.30 level.
Key supports are near the $35.20 area and the 100 simple moving average (4-hours). A break below the $35.20 level could open the door for a major decline towards $32.80. The next major support is near the $30.50 level.
technical indicators
4-Hour MACD – MACD for AVAX/USD is gaining momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.
Key support levels – $36.30 and $35.20.
Key resistance levels – $37.65, $39.80, $42.50.
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