After recently surpassing the $23.50 mark, the worth of Avalanche (AVAX) has continued to point out resilience moving higher with good momentum towards the $30.34 resistance level. This upward movement has signaled bullish sentiment amongst market participants and potential further gain for the crypto asset.
As Avalanche continues to achieve pace above $23.50, this text delves into providing an in-depth evaluation of this recent price surge and its potential for further growth by examining current price actions and technical indicators specializing in the 4-hour and the 1-day chart.
On the time of writing, AVAX’s price was up by over 4.85%, trading at about $26.88, with a market capitalization of greater than $10 billion and a trading volume of greater than $305 million. Within the last 24 hours, the market capitalization of AVAX has increased by 4.44%, while trading volume has decreased by 32.13%.
Evaluation Of AVAX’s Recent Price Momentum
Currently, the worth of AVAX on the 4-hour chart with bullish momentum has crossed above the 100-day Easy Moving Average (SMA). The digital asset has been on an upward spiral since breaking above its previous low of $26.50. Because of this of the worth movement, Avalanche could still extend its rally toward the $30.34 resistance level.
Also, an examination of the 4-hour Composite Trend Oscillator indicates that the worth of AVAX might proceed to rise because the indicator’s signal line has crossed above its easy moving average, and each try to maneuver above 50%.
On the 1-day chart, although Avalanche remains to be trading below the 100-day SMA, it will possibly be observed that the crypto asset is attempting a bullish move towards the $30.34 resistance level. After the cross above $26.50, AVAX has been showing bullish resilience thereby keeping its pace above this level. With this recent bullish momentum, the digital asset could potentially extend its rally to other resistance levels.
Finally, on the 1-day chart, the composite trend oscillator also indicates that AVAX could potentially expand its bullish move because the signal is attempting to cross above the SMA of the indicator and are each attempting to move out of the oversold zone.
Can Avalanche Sustain Its Upward Trajectory?
Currently, AVAX is attempting to move higher toward the resistance level of $30.34. If the crypto asset’s price hits this level and closes above, it should likely move on to challenge the resistance level at $37.29. If the $37.29 level is surpassed, it might also goal the $39.94 resistance level and other higher levels.
Nonetheless, if it reaches the $30.34 mark and encounters resistance, the worth might begin to say no over again within the direction of the $23.50 support level. When it breaches this $23.50 support level below, Avalanche will keep falling to check the $18.83 support and other lower levels.