$AVAX



Technical Overview:

  1. Moving Average (MA):

    • The price has consistently been trading above the 200 MA, signaling strong bullish momentum. The 200 MA at around 29.14 supports this upward trajectory.

  2. RSI Analysis:

    • The RSI currently sits at 69.38, which is approaching the overbought zone (>70). This indicates increased buying pressure but also warrants caution for potential corrections.

  3. MACD Analysis:

    • The MACD histogram remains positive, and the MACD line is above the signal line, further affirming bullish sentiment in the market.

  4. Volume:

    • An uptick in volume (696.154K) supports the ongoing upward trend, indicating strong participation from market players.

Support and Resistance Levels:

  • Immediate Resistance: Around the $40-$45 range, as indicated by previous price reactions at these levels.

  • Support Level: The $30 region acts as a strong support, aligning with the 200 MA.

Trend and Momentum Analysis:

The chart indicates a sustained recovery phase since hitting its yearly lows. The recent breakout above the critical resistance levels suggests bullish dominance, potentially leading to further upward movement.