AVAX price is moving above the $28.65 resistance level. Avalanche could rise further if there is a clear break above the $30.00 resistance level.
AVAX price is trading higher from the $27.40 support area against the US Dollar.
The price is currently above $28.65 and the 100 hourly simple moving average.
There was a break above a key descending channel with resistance at $28.40 on the hourly chart of the AVAX/USD pair (data source: Kraken).
If the pair stays above the $28.65 and $28.50 support levels, it is likely to continue to rise.
AVAX price expected to rise
After a steady decline, Avalanche’s AVAX found support near the $25.00 area. Support was formed above $25.00 and the price started a fresh increase just like bitcoin and Ethereum.
The price rallied more than 8% and broke multiple barriers near $28.50. The pair broke the key descending channel resistance at $28.40 on the hourly chart of the AVAX/USD pair. The pair even broke the $29.40 resistance to move into the positive zone.
AVAX price is currently trading above $28.50 and the 100 hourly simple moving average. It is showing positive signs above the 23.6% Fibonacci retracement level of the up move from the $27.37 swing low to $29.95 high.
If you can't find your direction in the cryptocurrency circle and don't know what coin to buy, please find me and I will share more information and strategies related to the cryptocurrency circle for free.
On the upside, an immediate resistance is near the $30.00 level. The next major resistance is formed near the $30.50 area. The price is likely to accelerate higher if the $30.50 level is crossed. In such a case, the price could steadily increase towards $32.50 or even $34.00.
Are Dips supported in Avalanche?
If AVAX price fails to continue rising above $30.00 or $30.50, it could start a downside correction. An immediate support on the downside is near $29.35.
The main support is near the $28.65 area and the 50% Fibonacci retracement level of the upward move from the $27.37 swing low to $29.95 high. A break below the $28.65 level could lead to a drop towards $28.00 and the 100 simple moving average (4-hours). The next major support is near the $27.40 level.
Technical indicators
Hourly MACD – 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 – $29.35 and $28.65.
Major Resistance Levels – $30.00 and $30.50.