AVAX price is showing positive signs above the $20 support level. Avalanche bullishness appears to be under control and may be targeting a rise towards $25.
- AVAX price is showing positive signs, surpassing the $20 level against the US dollar.
- The price is trading above $21 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the AVAX/USD pair, there is a major bullish trend line forming with support near $20.60 (data source from Kraken).
- If there is a clear move above the $22.50 and $23.00 resistance levels, the pair may continue to rise.
AVAX price signals a new rally.
After a big rally, Avalanche’s AVAX faced resistance near $24.00. It began a downward correction at $24.05, but stayed in positive territory like Bitcoin and Ethereum.
It fell below the $23 and $22 levels. The price fell below the 50% Fib retracement level, rising from the $15.60 swing low to the $24.05 high. It even surged below the $20 support zone. However, the bulls were active above $18.80.
AVAX price found support near $18.80 and confirmed the 61.8% Fib retracement level of $15.60 to $24.05. It has risen again and is trading above the $20 level.
There was a move above the $21 area and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $20.60 on the 4-hours chart of the AVAX/USD pair. On the other hand, there is immediate resistance near $22.50.
Source: AVAXUSD on TradingView.com
The next major resistance is forming near the $23.00 area. If there is upside beyond the $22.50 and $23.00 levels, the price could surge by more than 10%. If stated, the price could rise steadily towards the $25 level.
Limited dips on the Avalanche?
If AVAX price fails to continue rising above the $22.50 or $23.00 level, another decline could begin. Immediate support for the downside is near the $20.60 level and the 100 simple moving average (4-hours).
Key support is near $19.50. A break below the $19.50 level could open the door for a new decline towards $18.80. The next major support is near the $15.80 level.
technical indicators
4-Hour MACD – The 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 – $19.50 and $18.80.
Key resistance levels – $22.50, $23.00, $25.00.
Source: NewsBTC.com