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Falling from the $65 level, Avalanche (AVAX) recently demonstrated an impressive price movement, surpassing the $23.50 level and gaining strong momentum. This rise creates a positive atmosphere among market participants and supports AVAX’s effort to reach the $30.34 resistance level. This price movement aligns well with AVAX’s technical indicators.
AVAX Market Data and Technical Analysis
As of the latest update, AVAX’s price increased by 4.85%, trading around $26.88. The market value has exceeded $10 billion, and the trading volume is around $305 million. These data indicate that AVAX is in a strong accumulation phase, supporting the potential for further price increases.
In the 4-hour chart, AVAX showed upward momentum by rising above the 100-day Simple Moving Average (SMA). The cryptocurrency is moving upwards after surpassing the $26.50 level and has the potential to reach the $30.34 resistance level. The Composite Trend Oscillator also supports this movement, indicating further upward momentum.
Daily Chart and Long-Term Expectations
In the 1-day chart, AVAX is still trading below the 100-day SMA. However, it is attempting an upward movement towards the $30.34 resistance level. AVAX managed to stay above the $26.50 level after surpassing it. The Composite Trend Oscillator indicates the potential for the upward movement to continue and suggests that the asset could exit the oversold region.
The main question is whether Avalanche can sustain this upward trend. Currently, AVAX is trying to reach the $30.34 resistance level. If it successfully reaches and closes above this level, the price may challenge higher resistance levels. Specifically, AVAX has the potential to progress from $37.29 and potentially towards $39.94.
Surpassing these resistance points will mark significant milestones in AVAX’s price movement and attract more investor confidence. However, if AVAX encounters resistance at the $30.34 level and fails to close above it, the price may fall and potentially retreat towards the $23.50 support level. Breaking this support could lead the cryptocurrency AVAX to test lower support levels.
