2023-11-30 08:20 |
AVAX price is showing positive signs above the $20 support. Avalanche bulls seem to be in control, and they might aim for a rally toward $25.
AVAX price is showing positive signs above the $20 level against the US dollar. The price is trading above $21 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support near $20.60 on the 4-hour chart of the AVAX/USD pair (data source from Kraken). The pair could continue to rise if there is a clear move above the $22.50 and $23.00 resistance levels. AVAX Price Signals Fresh RallyAfter a strong increase, Avalanche’s AVAX faced resistance near the $24.00 zone. It started a downside correction from $24.05 but remained in a positive zone, like Bitcoin and Ethereum.
There was a drop below the $23 and $22 levels. The price declined below the 50% Fib retracement level of the upward move from the $15.60 swing low to the $24.05 high. It even spiked below the $20 support zone. However, the bulls were active above $18.80.
AVAX price found support near $18.80 and the 61.8% Fib retracement level of the upward move from the $15.60 swing low to the $24.05 high. It is again moving higher and trading above the $20 level.
There was a move above the $21 zone and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $20.60 on the 4-hour chart of the AVAX/USD pair. On the upside, an immediate resistance is near the $22.50 zone.
Source: AVAXUSD on TradingView.com
The next major resistance is forming near the $23.00 zone. If there is an upside break above the $22.50 and $23.00 levels, the price could surge over 10%. In the stated case, the price could rise steadily towards the $25 level.
Dips Limited in Avalanche?If AVAX price fails to continue higher above the $22.50 or $23.00 levels, it could start another decline. Immediate support on the downside is near the $20.60 level and the 100 simple moving average (4 hours).
The main support is near the $19.50 zone. A downside break below the $19.50 level could open the doors for a fresh decline towards $18.80. The next major support is near the $15.80 level.
Technical Indicators
4 hours MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.
Major Support Levels – $19.50 and $18.80.
Major Resistance Levels – $22.50, $23.00, and $25.00.
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