AVAX price is currently trading at $18.07, inching closer to the critical resistance at $19.17

Price indicators are suggesting a bullish outlook for the altcoin, which would be essential in kicking off a 20% rally.

A decline below $16.00 will, however, invalidate the bullish thesis and potentially pull AVAX down to March lows.

AVAX price has been following the broader market cues to paint green on the charts preparing for the alt season. While the season is yet to arrive, the cryptocurrency is looking at a significant rise if the changing market plays in favor of the altcoin.

AVAX price aims at new highs

AVAX price trading at $18.07, has maintained above the critical support (CS) level at $16.00 for over three weeks now. The 25% rally over the month of March has assisted the altcoin in climbing closer to the critical resistance (CR) at $19.17. 

Sitting at the confluence of the 200-day Exponential Moving Average (EMA), the critical resistance level would need to be flipped into a support floor. This would help AVAX price to rise toward $21.58, to chart a nearly 20% rally. Breaching this level would also mark a new year-to-date high for the cryptocurrency.

The Relative Strength Index (RSI) is sustaining in the bullish zone after flipping the neutral line into support. Until the indicator crosses into the overbought zone above 70.0, the altcoin is safe from impending corrections.

Additionally, the Moving Average Convergence Divergence (MACD) is also maintaining its bullish crossover from about two weeks ago. As long as the histogram notes green candles, the bullish narrative will hold up. Should the candles turn red or the signal line (red) cross over the MACD line (blue) and mark a bearish crossover, a price rise could commence.

Investors would thus need to watch out for declines below the immediate support level at $16.94 at the convergence of the 50 and 100-day EMAs. If AVAX price drops further and falls through the CS at $16.00, in line with the 23.6% Fibonacci Retracement of $20.97 to $14.39, the bullish thesis would be invalidated. The altcoin would thus be vulnerable to a 21% crash to March lows of $14.39.

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Avalanche price is up 5% in three days amid Cortina Upgrade-related hype.

AVAX could soar 4% to tag the immediate resistance level at $17.77.

A daily candlestick close below the 100-day EMA at $16.93 will invalidate the bullish thesis. 

Avalanche price (AVAX) has been trading horizontally since March 18, as the altcoin waited for the right catalysts to resume its uptrend. The altcoin has remained afloat, ramping upon the alt season and the Bitcoin (BTC) dominance that saw altcoins rallying. It appears the anticipated trigger has come in the form of the Cortina Upgrade, but the success or failure of the uptrend depends on whether AVAX will hold above a key level.  

Avalanche price could soar amid Cortina Upgrade-related hype

Avalanche price could soar around the news of the release of the Cortina Upgrade on Fuji. The event marks the latest version of AvalancheGo, which will be migrating the X-Chain to run Snowman++ consensus. Upon implementation, it would make the X-Chain compatible with Avalanche Warp Messaging and make it easier for exchanges to support the X-Chain.

Cortina Upgrade

In an official blog, Avalanche told the community that the pre-release code will be published on April 3, 2023, and the same will go live on April 6, 2023, at around 3 PM UTC. Once X-Chain is switched to Snowman++ consensus, the chain will work with Avalanche Warp Messaging. This will be value-adding to X-Chain as it will be able to seek support from different exchanges.

AvalancheGo, which has been lauded by community members, will execute the development. Its popularity comes as it promises lower gas fees and faster execution, both desirable to the community.

Users can upgrade their nodes by starting AvalancheGo v1.10.0, with recommendations to have a backup staking certificate or key. Notably, any node that will not be upgraded before the mainnet activation date will be signed offline. Others will also report them for lower uptime, a move that could impede future staking rewards.

Avalanche price must hold above this level to resume its uptrend

Avalanche price has been riding on the support provided by the 100-day Exponential Moving Average (EMA) at $16.93 since March 18. The altcoin lost this level between March 27 and 28, but quickly recovered after a bounce from the $16.29 support level and extended above the 50-day EMA at $17.06.

At the time of writing, AVAX was auctioning at $17.16. An increase in buying pressure above this level could set the tone for Avalanche price to tag the $17.77 resistance level.

Further north, Avalanche price could tag the 200-day EMA at $19.20, before a neck up above the $19.74 resistance level. Above this barricade, AVAX would have a chance of reclaiming its February highs above the $20.00 psychological level. 

Conversely, if seller momentum escalates, Avalanche price could quickly lose the immediate support due to the 50-day EMA then the 100-day EMA at $16.93. A daily candlestick close below this level would invalidate any hopes for an uptrend for the short term.

Below the 100-day EMA, Avalanche price could run down the cliff, first breaching the $16.29 support level before heading for the March 10 lows below $14.79. Such a move would denote a 14% drop from the current level. 

#Binance #avalanche #avax #crypto2023 #BTC