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Home»EXCHANGE NEWS»AVAX price rises 50% and falls 15%. Why the Uptrend Is Still Strong
EXCHANGE NEWS

AVAX price rises 50% and falls 15%. Why the Uptrend Is Still Strong

By Crypto FlexsDecember 13, 20233 Mins Read
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AVAX price rises 50% and falls 15%.  Why the Uptrend Is Still Strong
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AVAX price rose more than 50% and was trading above the $40 level. The Avalanche is currently correcting its uptrend, but bulls may remain active near the $32 support zone.

  • AVAX prices have risen above the $30 and $40 levels against the US dollar.
  • The price is trading above $30 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 $35.00 (data source from Kraken).
  • The pair could continue to rise if it stays above the $35 and $30 support levels.

AVAX price corrected to fall

Over the past few days, Avalanche’s AVAX has increased significantly above the $25 resistance area. It is up more than 50% and has broken many hurdles near $30. It cleared the $40 level before the bear appeared.

Like Bitcoin and Ethereum, a new multi-month high was formed near $43.06 before the price began a downward correction. It fell 15% and the price was trading below the $38 level. The upward move from the $21.24 swing low to the $43.06 high moved below the 23.6% Fib retracement level.

AVAX price is still trading above $30 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $35.00 on the 4-hours chart of AVAX/USD.

Source: AVAXUSD on TradingView.com

On the other hand, immediate resistance appears near $38.00. The next major resistance is forming near the $40.00 area. If there is upside beyond the $38.00 and $40.00 levels, the price could surge by more than 10%. If stated, the price could rise steadily towards the $45 level.

Limited dips on the Avalanche?

If the AVAX price fails to continue rising above the $38.00 or $40.00 level, it may continue to decline. Immediate support for the downside is near the trendline at $35.

Key support lies near the $32.00 area or the 50% Fib retracement level of the rise from the $21.24 swing low to the $43.06 high. A break below the $32.00 level could open the door for a major decline towards $18.80. The next major support is near the $26.50 level and the 100 simple moving average (4-hours).

technical indicators

4-Hour MACD – The MACD for AVAX/USD is gaining momentum in bearish territory.

4-Hour RSI (Relative Strength Index) – The RSI for AVAX/USD is now below the 50 level.

Key support levels – $35.00 and $32.00.

Key resistance levels – $38.00, $40.00, $45.00.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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