AVAX price rose more than 10% to trade above the $45 level. Avalanche is gaining speed and may soon pass the $50 resistance zone.
- AVAX price is rising from the $38.00 support zone against the US dollar.
- The price is trading above $42.00 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the AVAX/USD pair, there is a major ascending channel forming with support near $40.80 (data source from Kraken).
- If it stays above the $40 and $38 support levels, the pair could continue to rise.
AVAX Price Could Extend Rebound
After a downward correction, Avalanche’s AVAX found support near $38.00. A low was formed near $36.48 and the price began a new rise.
The price rose more than 10% and cleared a number of hurdles near $40. It even surpassed Bitcoin and Ethereum. There was a clear wave above the 76.4% Fib retracement level of the downward move from the $45.33 swing high to the $36.48 low.
AVAX price is currently trading above $42 and the 100 simple moving average (4-hours). There is also a major ascending channel forming with support near $40.80 on the 4-hours chart of the AVAX/USD pair.
Source: AVAXUSD on TradingView.com
On the other hand, there is immediate resistance near the $45.40 area. The next major resistance is forming near the $46.80 area. If there is upside beyond the $45.40 and $46.80 levels, the price could surge by more than 10%. If stated, the price could steadily rise to the $50 or $52 level.
Are dips supported in Avalanche?
If the AVAX price fails to continue rising above the $45.40 or $46.80 levels, a downward correction could begin. Immediate support for the downside is near the channel trendline at $40.80.
Key support is near $38.00. A bearish break below the $38.00 level could open the door for a major decline towards $34.20 and the 100 simple moving average (4-hours). The next major support is near the $27.50 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 – $40.80 and $38.00.
Key resistance levels – $45.40, $46.80 and $50.00.
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