AVAX/USDT Tests Critical Resistance
Moving Averages (MA 200, VWAP):200-period Moving Average (MA) is at 24.49, acting as a support level. The price has moved above the MA, indicating a shift towards bullish momentum. If the price stays above this MA, it suggests continuation of the upward trend.
.Relative Strength Index (RSI):The RSI is at 61.55, indicating moderate bullish momentum. While not in the overbought zone (above 70), it's still closer to that threshold, suggesting that a further upward move is possible but with caution for potential reversals.MACD (Moving Average Convergence Divergence):The MACD histogram is showing bullish signs, with the MACD line slightly above the signal line, confirming the current upward momentum. No clear signs of a bearish crossover are evident yet.Price Action and Key Support/Resistance:The price is currently around 28.45, testing resistance around 28.50. Thereâs a significant horizontal resistance area between 28.50 and 30.00. A clean break above this range could lead to further upside.On the downside, the MA at 24.49 serves as key support, and a failure to hold this level could result in a retest of the 23.00â24.00 zone.Key Levels to Watch:Resistance: 28.50 (current resistance), 30.00 (psychological and historical resistance).Support: 24.50 (MA 200), 23.00 (support zone).Potential Scenarios:
Bullish Scenario: A successful break and close above 28.50 could open the door for an upward move towards 30.00. If the price maintains strength above VWAP and MA 200, the bulls will likely maintain control.
Bearish Scenario: If the price gets rejected at 28.50 and drops below 24.50 (MA 200), a deeper correction may be on the cards, potentially retesting the 23.00 area.
Disclaimer:
This analysis is based on technical indicators and is not financial advice. Cryptocurrency trading is volatile and carries risk. Conduct your own research or consult with a professional before making any investment decisions.
