[AVAX targets $30.34 resistance, Avalanche gains momentum]
Avalanche (AVAX) has shown a strong corrective rise recently, attracting the attention of investors and traders. AVAX’s price started to bounce back after hitting resistance at $23.49, aiming to challenge the resistance at $30.34.
Currently, AVAX’s price is actively trading above the 100-day simple moving average (SMA) on the 4-hours chart. Although prices are consolidating, the upward trend is likely to continue. Additionally, the 1-day Relative Strength Index (RSI) suggests that Avalanche's price may move lower in the short term, but this will only be a brief pullback, after which the price may rise again.
On the 1-day chart, Avalanche is attempting a corrective upward move towards $30.34 resistance, maintaining steady momentum despite still trading below the 100-day simple moving average (SMA). The 1-day RSI indicator also confirms the current bullish trend in prices, with the indicator’s signal line moving out of the oversold zone and approaching the 50% level. Therefore, AVAX’s price may experience a brief pullback before challenging the $30.34 resistance.
If AVAX’s price reaches the $30.34 resistance and breaks out, it could continue its rise, test the $36.15 resistance, and challenge higher levels after the breakout. However, if rejected at the $30.34 resistance, AVAX will fall back to the $23.49 support. If this support is breached, the price could continue its decline to test the $18.81 support.
As of this writing, AVAX is trading at around $28.23, up 1.01%, with a market cap of over $11 billion and trading volume of over $336 million. AVAX's market capitalization has increased by 1.01% and trading volume has decreased by 3.07% in the past 24 hours.
