AVAX Price Analysis: Charting Potential Upside Momentum

AVAX is eyeing upward movement following a period of stability, with the cryptocurrency finding a foothold around the $30.50 mark after a gradual decline. Rebounding from its recent low near $30.58, AVAX initiated a fresh uptrend, mirroring the movements of Bitcoin and Ethereum.

The price surged by more than 10%, surpassing several obstacles around the $35.00 mark. Notably, a crucial bearish trend line with resistance at $34.00 was breached on the 4-hour AVAX/USD chart. Furthermore, the pair cleared the 50% Fibonacci retracement level of the downward swing from the $39.83 peak to the $30.58 trough.

Currently, AVAX is trading above $36.50 and the 100 simple moving average (4 hours). Immediate resistance looms around the $37.65 mark or the 76.4% Fibonacci retracement level of the aforementioned downward move. The subsequent significant resistance area forms near $39.80. If this level is breached, a surge of more than 10% could be witnessed, potentially propelling the price steadily towards $42.50 or even $44.00.

Should AVAX encounter hurdles and fail to sustain momentum above $37.65 or $39.80, a corrective downturn might ensue. Initial support lies near the $36.30 level, with major support found around the $35.20 zone and the 100 simple moving average (4 hours). A breach below $35.20 could pave the way for a substantial decline towards $32.80, followed by crucial support near $30.50.

In terms of technical indicators, the 4-hour MACD for AVAX/USD indicates a bullish momentum, while the 4-hour RSI sits comfortably above the 50 level, signaling positive momentum.

Key support levels to watch are $36.30 and $35.20, while notable resistance levels include $37.65, $39.80, and $42.50.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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