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Home»EXCHANGE NEWS»Has the Avalanche rally just begun?
EXCHANGE NEWS

Has the Avalanche rally just begun?

By Crypto FlexsDecember 4, 20233 Mins Read
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Has the Avalanche rally just begun?
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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 positive side, there is immediate resistance near the $22.50 area.

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.

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