Avalanche could extend gains this week
The Ethereum competitor is trading at $40.49 on Binance. Avalanche has risen from a low of $29.24 on April 13 to $40.49, a gain of more than 38%. AVAX price has formed higher highs and higher lows since May 15.
A daily candlestick close above the April 12 high of $46.89 could confirm a trend reversal for the asset. AVAX could target $47.32, which is the 50% Fibonacci retracement level of the drop from the March 18 top of $65.39 to the April 13 bottom of $29.24.
The $47 level provided steady support for Avalanche until April 11. A close above this level could eliminate the losses faced by AVAX holders in May 2024. The momentum indicator Relative Strength Index (RSI) climbed to 61, approaching the oversold zone of 70. The surge in RSI coincided with the price increase of Avalanche, and no divergence was observed in the 1-day AVAX/USDT price chart.
To learn more about the relevant knowledge and first-hand cutting-edge information of the cryptocurrency circle, click 这里 to publish market analysis and recommend high-quality potential currencies every day.
