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After a steady decline, Avalanche's AVAX found support near the $22.00 zone. A support base was formed above $22.00, and the price started a fresh increase
AVAX price is showing signs of a strong recovery above the $26.50 resistance. The cryptocurrency could rise further if there is a clear move above the $27.75 resistance zone.
After a steady decline, Avalanche’s (CRYPTO: AVAX) native token AVAX found support near the $22.00 zone. A support base was formed above $22.00, and the price started a fresh increase, similar to Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
The price gained over 7% and broke many hurdles near $25.00. There was a break above a key bearish trend line with resistance at $26.50 on the hourly chart of the AVAX/USD pair. It cleared the 76.4% Fib retracement level of the downward move from the $27.17 swing high to the $24.72 low.
The pair even cleared the $27.00 resistance to move into a positive zone. AVAX price is now trading above $26.50 and the 100-hourly simple moving average.
On the upside, an immediate resistance is near $27.75. The next major resistance is forming near the $28.70 zone or the 1.618 Fib extension level of the downward move from the $27.17 swing high to the $24.72 low. If there is an upside break above the $28.70 level, the price could accelerate higher. In such a case, the price could rise steadily toward the $30.00 level or even $32.00.
If AVAX price fails to continue higher above the $27.75 or $28.70 levels, it could start a downside correction. Immediate support on the downside is near the $26.50 level.
The main support is near the $26.00 zone and the 100 simple moving average (4 hours). A downside break below the $26.00 level could open the doors for a drop toward $24.70. The next major support is near the $22.50 level.
The MACD for AVAX/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for AVAX/USD is now above the 50 level.
Major Support Levels: $26.50 and $26.00.
Major Resistance Levels: $27.75 and $27.70.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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