Momentum

Resistance

Avalanche

Higher

AVAX price is gaining pace above the $26.50 resistance. Avalanche could rise further if there is a clear move above the $27.75 resistance zone. 
<ul> 
 <li>AVAX price is moving higher from the $24.70 support zone against the US dollar.</li> 
 <li>The price is trading above $26.50 and the 100-hourly simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $26.50 on the hourly chart of the AVAX/USD pair (data source from Kraken).</li> 
 <li>The pair could continue to rise if it stays above the $26.00 and $25.50 support levels.</li> 
</ul> 
<h2 id="avax-price-aims-higher">AVAX Price Aims Higher</h2> 
After a steady decline, Avalanche’s AVAX found support near the $22.00 zone. A support base was formed above $22.00, and the price started a fresh increase, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-targets-recovery-60k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-upside-3110/" target="_blank" rel="noopener ">Ethereum</a>. 
The price gained over 7% and broke many hurdles near $25.00. There was a break above a key bearish trend line with resistance at $26.50 on the hourly chart of the AVAX/USD pair. It cleared the 76.4% Fib retracement level of the downward move from the $27.17 swing high to the $24.72 low. 
The pair even cleared the $27.00 resistance to move into a positive zone. AVAX price is now trading above $26.50 and the 100-hourly simple moving average. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/AVAX-Price_6e83b7.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-628787 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/AVAX-Price_6e83b7.png?resize=1024%2C461" alt="AVAX Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/AVAX-Price_6e83b7.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/AVAX-Price_6e83b7.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/AVAX-Price_6e83b7.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/AVAX-Price_6e83b7.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/AVAX-Price_6e83b7.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/AVAX-Price_6e83b7.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/AVAX-Price_6e83b7.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
On the upside, an immediate resistance is near $27.75. The next major resistance is forming near the $28.70 zone or the 1.618 Fib extension level of the downward move from the $27.17 swing high to the $24.72 low. If there is an upside break above the $28.70 level, the price could accelerate higher. In the stated case, the price could rise steadily toward the $30.00 level or even $32.00. 
<h2 id="dips-supported-in-avalanche">Dips Supported in Avalanche?</h2> 
If AVAX price fails to continue higher above the $27.75 or $28.70 levels, it could start a downside correction. Immediate support on the downside is near the $26.50 level. 
The main support is near the $26.00 zone and the 100 simple moving average (4 hours). A downside break below the $26.00 level could open the doors for a drop toward $24.70. The next major support is near the $22.50 level. 
Technical Indicators 
Hourly MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level. 
Major Support Levels – $26.50 and $26.00. 
Major Resistance Levels – $27.75 and $27.70.

Avalanche (AVAX) Price Teases Breakout: Momentum Could Drive More Upsides

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Ďalšie články zverejnené 10. 7. 2024

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