AVAX price has been showing a positive trend recently, gaining pace above the $36.50 resistance level. The cryptocurrency Avalanche (AVAX) has the potential to rise further if it manages to break above the $40.00 resistance zone. The price has been moving higher from the $30.50 support zone against the US dollar and is currently trading above $35.00 and the 100 simple moving average (4 hours).
Key Resistance and Support Levels
There was a notable break above a key bearish trend line with resistance at $34.00 on the 4-hour chart of the AVAX/USD pair. This breakout suggests that the pair could continue to rise if it maintains support levels at $36.30 and $35.50. The immediate resistance is seen near the $37.65 zone, followed by a major resistance forming near the $39.80 zone. An upside break above $39.80 could lead to a surge of over 10%, potentially pushing the price towards $42.50 or even $44.00.
On the downside, if the price fails to sustain its upward momentum and breaks below the $35.20 support level, it could indicate a major decline towards $32.80. The next major support is expected near the $30.50 level.
Technical Indicators and Analysis
Looking at the technical indicators, the 4-hour MACD for AVAX/USD is gaining momentum in the bullish zone, indicating a positive trend. The 4-hour RSI (Relative Strength Index) for AVAX/USD is also above the 50 level, further supporting the bullish momentum.
The recent price movement of AVAX suggests a positive trend with the potential for further upside if key resistance levels are breached. However, investors should remain cautious as the cryptocurrency market is notorious for its volatility. It is essential to conduct thorough research and due diligence before making any investment decisions. Remember to always consider the risks associated with investing and use the information provided at your own discretion.