AVAX price is gaining speed above the $26.50 resistance level. If there is a significant move above the $27.75 resistance level, Avalanche can go higher.
- AVAX price is rising 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 of a major downtrend line centered around the resistance level of $26.50 on the hourly chart of the AVAX/USD currency pair (data provided by Kraken).
- The pair can continue to rise if it remains above the support levels of $26.00 and $25.50.
Aiming for a higher AVAX price
After a steady decline, Avalanche’s AVAX found support near the $22.00 zone. A support base was formed above $22.00, and the price started a new uptrend like Bitcoin and Ethereum.
The price has risen by more than 7% and has broken through several obstacles near $25.00. It has broken above the major downtrend line with resistance at $26.50 on the hourly chart of the AVAX/USD pair. It has broken through the 76.4% Fibonacci correction level of the downtrend from the $27.17 swing high to the $24.72 low.
The pair broke the $27.00 resistance level and moved into positive territory. AVAX price is currently trading above $26.50 and the 100 hourly simple moving average.
The immediate resistance in the uptrend is near $27.75. The next major resistance is forming near the $28.70 area or the 1.618 Fibonacci extension level of the downtrend from the $27.17 swing high to $24.72 low. A break above the $28.70 level could push the price higher. In the event mentioned, the price could steadily rise to the $30.00 level or even $32.00.
Is the avalanche-induced recession underway?
If AVAX price fails to continue to rise above the $27.75 or $28.70 levels, a downward correction may begin. Immediate support for the decline is near the $26.50 level.
The major support is near the $26.00 area and the 100 SMA (4-hours). A drop below the $26.00 level could lead to a drop to $24.70. The next major support is near the $22.50 level.
Technical indicators
Hourly MACD – The MACD for AVAX/USD is gaining momentum in a bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for AVAX/USD is currently above the 50 level.
Key support levels – $26.50 and $26.00.
Key resistance levels – $27.75 and $27.70.