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Home»EXCHANGE NEWS»Will the AVAX price upward trend continue? This may be a factor to note
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Will the AVAX price upward trend continue? This may be a factor to note

By Crypto FlexsMay 6, 20243 Mins Read
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Will the AVAX price upward trend continue?  This may be a factor to note
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AVAX price is rising above the $36.50 resistance. Avalanche could move higher if there is a clear move above the $40.00 resistance zone.

  • AVAX price is rising from the $30.50 support zone against the US dollar.
  • The price is trading above $35.00 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the AVAX/USD pair, a breakout occurred above the main bearish trendline with resistance at $34.00 (data source from Kraken).
  • The pair could continue to rise if it stays above the $36.30 and $35.50 support levels.

AVAX price aims higher

After a steady decline, Avalanche’s AVAX found support near $30.50. A low was formed near $30.58 and the price began a new rise, similar to Bitcoin and Ethereum.

The price rose more than 10% and broke many hurdles near $35.00. On the 4-hours chart of the AVAX/USD pair, there is a break above the main bearish trend line at the resistance level of $34.00. The pair has cleared the 50% Fib retracement level of the downward move from the $39.83 swing high to the $30.58 low.

AVAX price is currently trading above $36.50 and the 100 simple moving average (4-hours). On the upside, immediate resistance is near the $37.65 zone or the 76.4% Fib retracement of the downward move from the $39.83 swing high to the $30.58 low.

Source: AVAXUSD on TradingView.com

The next major resistance is forming near the $39.80 area. If there is upside beyond the $39.80 level, the price could surge by more than 10%. If stated, the price could steadily rise to the $42.50 or $44.00 level.

Are dips supported in Avalanche?

If AVAX price fails to continue rising above the $37.65 or $39.80 levels, a downward correction could begin. Immediate support for the downside is near the $36.30 level.

Key supports are near the $35.20 area and the 100 simple moving average (4-hours). A break below the $35.20 level could open the door for a major decline towards $32.80. The next major support is near the $30.50 level.

technical indicators

4-Hour MACD – 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 – $36.30 and $35.20.

Key resistance levels – $37.65, $39.80, $42.50.

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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