Avalanche teases a sharp bullish surge as AVAX overcomes crucial resistance

2023-9-30 12:27

Avalanche (AVAX) seems ready to end its months-long bearishness as prices finally overcome a solid resistance level. Its latest recovery from $8.75 amidst the ongoing broad market revival presents AVAX as a top candidate for a solid bullish rally.

Avalanche enthusiasts expect the altcoin to retain its upward stance and soar past the $10 value area – a move that could discourage sellers in the near term. The altcoin has maintained bullishness this week, gaining over 6% in the past seven days.

Further, news of Hong Kong-licensed exchange HashKey launching Avalanche trading bolstered AVAX’s bullish outlook.

The optimistic price actions saw AVAX overcoming a resistance trendline. While writing these updates, AVAX painted its 24-hour chart green, changing hands at $9.31. Yesterday’s breakout has placed the alt well beyond the resistance line.

AVAX 24hr chart on Coinmarketcap

While the breakout candlestick struggles to secure a solid closing above the crucial hurdle, bulls might enjoy a smooth ride if the candle avoids higher rejections today. Nonetheless, AVAX enthusiasts should watch for potential opposition at $10 (the 50d Exponential Moving Average).

Avalanche flashes a bullish candlestick on its weekly chart, ending the persistent red candles. That can fuel the altcoin higher on its 7-day timeframe.

AVAX price forecast

Avalanche’s sudden reversals might take prices towards the $10 psychological region before potential rejections. Meanwhile, the token should remain beyond the resistance trendline to support this surge.

AVAX’s current bullish trajectory matches improved mood in the overall digital assets space. The global cryptocurrency market cap increased by 2.38% over the last 24 hours to $1.08 trillion. Also, the crypto fear and greed index moved from fear to neutral, indicating optimism within the sector.

crypto market fear & greed index on Coinmarketcap

Avalanche’s move past $10 would trigger a swift move to $12 before potential supply inflow. Nevertheless, failure to remain above the mentioned resistance will catalyze declines. The downward action can take AVAX below the $8.75 foothold, potentially exploring the $8 region.

The post Avalanche teases a sharp bullish surge as AVAX overcomes crucial resistance appeared first on Invezz.

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