Rally

Bitcoin

Resistance

Avalanche

AVAX price rallied over 10% and traded above the $45 level. Avalanche is gaining pace and might soon clear the $50 resistance zone. 
<ul> 
 <li>AVAX price is moving higher from the $38.00 support zone against the US dollar.</li> 
 <li>The price is trading above $42.00 and the 100 simple moving average (4 hours).</li> 
 <li>There is a major rising channel forming with support near $40.80 on the 4-hour chart of the AVAX/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to rise if it stays above the $40 and $38 support levels.</li> 
</ul> 
<h2 id="avax-price-could-extend-rally">AVAX Price Could Extend Rally</h2> 
After a downside correction, Avalanche’s AVAX found support near the $38.00 zone. A low was formed near $36.48, and the price started a fresh increase. 
The price gained over 10% and broke many hurdles near $40. It even outperformed <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-outperforms-43-5k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-struggles-bitcoin-jumps-2250/" target="_blank" rel="noopener ">Ethereum</a>. There was a clear wave above the 76.4% Fib retracement level of the downward move from the $45.33 swing high to the $36.48 low. 
AVAX price is now trading above $42 and the 100 simple moving average (4 hours). There is also a major rising channel forming with support near $40.80 on the 4-hour chart of the AVAX/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/12/AVAX-Price-1.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-566277" src="https://www.newsbtc.com/wp-content/uploads/2023/12/AVAX-Price-1.png?resize=1024%2C461" alt="AVAX Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/AVAX-Price-1.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/12/AVAX-Price-1.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/AVAX-Price-1.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/AVAX-Price-1.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/AVAX-Price-1.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/AVAX-Price-1.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/AVAX-Price-1.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/AVAXUSD/" target="_blank" rel="noopener nofollow">AVAXUSD on TradingView.com</a> 
On the upside, an immediate resistance is near the $45.40 zone. The next major resistance is forming near the $46.80 zone. If there is an upside break above the $45.40 and $46.80 levels, the price could surge over 10%. In the stated case, the price could rise steadily toward the $50 level or even $52. 
<h2 id="dips-supported-in-avalanche">Dips Supported in Avalanche?</h2> 
If AVAX price fails to continue higher above the $45.40 or $46.80 levels, it could start a downside correction. Immediate support on the downside is near the channel trend line at $40.80. 
The main support is near the $38.00 zone. A downside break below the $38.00 level could open the doors for a major decline towards $34.20 and the 100 simple moving average (4 hours). The next major support is near the $27.50 level. 
Technical Indicators 
4 hours MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone. 
4 hours RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level. 
Major Support Levels – $40.80 and $38.00. 
Major Resistance Levels – $45.40, $46.80, and $50.00.

AVAX Price Rallies 10% – Is Avalanche Rally Just Getting Started?

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