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<p>The Avalanche (AVAX) price is surging today, with its price pumping around 15% to trade near $48 at the time of writing. This puts AVAX within striking distance of its 2023 yearly high around $48.30 set back in December.</p> 
<p>A few key technical indicators help explain today’s bullish price action for AVAX. The relative strength index (RSI), a momentum indicator, is reading in an overbought range between 60-70 across most timeframes except on the daily chart where it sits around 50. An overbought RSI suggests the asset could be due for a short-term pullback, but the daily RSI still has room to rise further.</p> 
<p>The moving average convergence divergence (MACD) indicator also paints a bullish picture, with the MACD line currently above the signal line. This indicates the uptrend could persist over the short term. Additionally, the 200-day simple moving average for AVAX is around $25, well below the current price, so the overall long-term trend remains bullish.</p> 
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<h2 class="wp-block-heading" id="where-could-avax-go-from-here">Where Could AVAX Go From Here?</h2> 
<p>With a market cap now over $18 billion, AVAX is trying to break through key resistance around the $50 level, which aligns with the 1.618 Fibonacci extension level. A confirmed breakout above $50 could open the door for a run towards the next Fib extension at $55.</p>  
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<p>While $63 represents a more ambitious upside target, in line with the 4.236 Fib extension, traders will likely keep a close eye on $45.72 as a strong support level. This price coincides with the 0.786 Fibonacci retracement of the current uptrend.</p> 
<p>Overall, the technical picture looks constructive for AVAX over the near term as long as it can maintain its momentum above the $45-$46 support zone. However, the overbought RSI readings suggest some consolidation or a minor pullback could be looming before the next potential leg higher.</p> 
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<p>The post <a href="https://captainaltcoin.com/why-is-avalanche-avax-price-up-3/">Why is Avalanche (AVAX) Price Up?</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Why is Avalanche (AVAX) Price Up?

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