AVAX Price Uptrend To Continue? These Could Be The Factors To Watch
May 06 2024 - 1:13AM
NEWSBTC
AVAX price is gaining pace above the $36.50 resistance. Avalanche
could rise further if there is a clear move above the $40.00
resistance zone. AVAX price is moving higher 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). There was a
break above a key bearish trend line with resistance at $34.00 on
the 4-hour chart of the AVAX/USD pair (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 the $30.50 zone. A low
was formed near $30.58, and the price started a fresh increase,
like Bitcoin and Ethereum. The price gained over 10% and broke many
hurdles near $35.00. There was a break above a key bearish trend
line with resistance at $34.00 on the 4-hour chart of the AVAX/USD
pair. The pair even cleared the 50% Fib retracement level of the
downward move from the $39.83 swing high to the $30.58 low. AVAX
price is now trading above $36.50 and the 100 simple moving average
(4 hours). On the upside, an immediate resistance is near the
$37.65 zone or the 76.4% Fib retracement level 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 zone. If there is an upside break above the $39.80 level,
the price could surge over 10%. In the stated case, the price could
rise steadily toward the $42.50 level or even $44.00. Dips
Supported in Avalanche? If AVAX price fails to continue higher
above the $37.65 or $39.80 levels, it could start a downside
correction. Immediate support on the downside is near the $36.30
level. The main support is near the $35.20 zone and the 100 simple
moving average (4 hours). A downside break below the $35.20 level
could open the doors for a major decline towards $32.80. The next
major support is near the $30.50 level. Technical Indicators 4
hours MACD – The MACD for AVAX/USD is gaining momentum in the
bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for
AVAX/USD is now above the 50 level. Major Support Levels – $36.30
and $35.20. Major Resistance Levels – $37.65, $39.80, and $42.50.
Avalanche (COIN:AVAXUSD)
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