The AVAX/USDT pair is showing a strong uptrend on the weekly chart, breaking the resistance at $47 with a significant volume move. The Three White Soldiers pattern signals continued optimism in the market, and the previous consolidation suggests that the breakout could lead to more significant moves in the medium term.
Technical Indicators:
EMAs (7, 25, 99): These are aligned in a bullish pattern, with the price well above the 7-period EMA, indicating strength in the short- to medium-term trend.
Bollinger Bands: The price broke the upper band, showing high volatility and potential for continued growth.
MACD: Reflects strong bullish momentum, with the MACD and Signal lines widely separated above the zero line.
RSI: High (>70), indicating overbought, but common in strong trends.
Parabolic SAR: Patterns below the price, confirming the continuation of the trend.
Projections and Targets:
Based on the size of the accumulation and the breakout of the key level at $47, the next major target on the weekly may take AVAX to $90. This level is consistent with the momentum projected by the strength of the breakout and macro analysis. In the short term, intermediate resistances at $55 and $60 may emerge, but the overall move is likely to seek higher levels if the trend holds.
Attention to Supports:
In case of corrections, the $48 and $47 levels should act as crucial supports. Monitoring volume and signs of exhaustion is essential to protect profits.
Check the technical chart for more details.
