AVAX Price Prediction: Avalanche Rally Just Getting Started?
November 29 2023 - 11:20PM
NEWSBTC
AVAX price is showing positive signs above the $20 support.
Avalanche bulls seem to be in control, and they might aim for a
rally toward $25. AVAX price is showing positive signs above the
$20 level against the US dollar. The price is trading above $21 and
the 100 simple moving average (4 hours). There is a key bullish
trend line forming with support near $20.60 on the 4-hour chart of
the AVAX/USD pair (data source from Kraken). The pair could
continue to rise if there is a clear move above the $22.50 and
$23.00 resistance levels. AVAX Price Signals Fresh Rally After a
strong increase, Avalanche’s AVAX faced resistance near the $24.00
zone. It started a downside correction from $24.05 but remained in
a positive zone, like Bitcoin and Ethereum. There was a drop below
the $23 and $22 levels. The price declined below the 50% Fib
retracement level of the upward move from the $15.60 swing low to
the $24.05 high. It even spiked below the $20 support zone.
However, the bulls were active above $18.80. AVAX price found
support near $18.80 and the 61.8% Fib retracement level of the
upward move from the $15.60 swing low to the $24.05 high. It is
again moving higher and trading above the $20 level. There was a
move above the $21 zone and the 100 simple moving average (4
hours). There is also a key bullish trend line forming with support
near $20.60 on the 4-hour chart of the AVAX/USD pair. On the
upside, an immediate resistance is near the $22.50 zone. Source:
AVAXUSD on TradingView.com The next major resistance is forming
near the $23.00 zone. If there is an upside break above the $22.50
and $23.00 levels, the price could surge over 10%. In the stated
case, the price could rise steadily towards the $25 level. Dips
Limited in Avalanche? If AVAX price fails to continue higher above
the $22.50 or $23.00 levels, it could start another decline.
Immediate support on the downside is near the $20.60 level and the
100 simple moving average (4 hours). The main support is near the
$19.50 zone. A downside break below the $19.50 level could open the
doors for a fresh decline towards $18.80. The next major support is
near the $15.80 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 – $19.50 and $18.80. Major
Resistance Levels – $22.50, $23.00, and $25.00.
TRON (COIN:TRXUSD)
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