AVAX price is gaining pace above the USD 36.50 resistance. The avalanche could rise further if there is a clear move above the USD 40.00 resistance zone.
- AVAX price is moving higher from the $30.50 support zone against the US dollar.
- The price is trading above USD 35.00 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trendline with resistance at $34.00 on the 4-hour chart of the AVAX/USD pair (Kraken data source).
- The pair could continue to rise if it remains above the $36.30 and $35.50 support levels.
AVAX price aims higher
After a steady decline, Avalanche’s AVAX found support near the $30.50 zone. A low was formed near $30.58, and the price started to rise again, just like Bitcoin and Ethereum.
The price rose more than 10%, breaking many hurdles near $35.00. There was a break above a key bearish trendline with resistance at $34.00 on the 4-hour chart of the AVAX/USD pair. The pair even crossed the 50% Fib retracement level on the downward move from the $39.83 swing high to the $30.58 low.
AVAX price is now trading above $36.50 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $37.65 zone or the 76.4% Fib retracement level of the downward move from the $39.83 swing high to the $30.58 low.
Source: AVAXUSD on TradingView.com
The next major resistance is forming near the $39.80 zone. If there is an upside break above the USD 39.80 level, the price could rise by more than 10%. In the mentioned case, the price could rise steadily towards the USD 42.50 level or even USD 44.00.
Dips supported in avalanche?
If AVAX price fails to hold higher above the USD 37.65 or USD 39.80 level, it could trigger a downside correction. The immediate downside support is near the $36.30 level.
The main support is near the $35.20 zone and the 100 simple moving average (4 hours). A downside break below the USD 35.20 level could open the doors for a big decline towards USD 32.80. The next major support is near the $30.50 level.
Technical indicators
4-hour MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.
Major support levels – USD 36.30 and USD 35.20.
Major resistance levels – $37.65, $39.80 and $42.50.
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