Avalanche (AVAX) Price Rallies: Can It Break Through the $30 Barrier?
July 01 2024 - 12:58AM
NEWSBTC
AVAX price is gaining pace above the $28.65 resistance. Avalanche
could rise further if there is a clear move above the $30.00
resistance zone. AVAX price is moving higher from the $27.40
support zone against the US dollar. The price is trading above
$28.65 and the 100-hourly simple moving average. There was a break
above a key declining channel with resistance at $28.40 on the
hourly chart of the AVAX/USD pair (data source from Kraken). The
pair could continue to rise if it stays above the $28.65 and $28.50
support levels. AVAX Price Aims Higher After a steady decline,
Avalanche’s AVAX found support near the $25.00 zone. A support base
was formed above $25.00, and the price started a fresh increase,
like Bitcoin and Ethereum. The price gained over 8% and broke many
hurdles near $28.50. There was a break above a key declining
channel with resistance at $28.40 on the hourly chart of the
AVAX/USD pair. The pair even cleared the $29.40 resistance to move
into a positive zone. AVAX price is now trading above $28.50 and
the 100-hourly simple moving average. It is showing positive signs
above the 23.6% Fib retracement level of the upward move from the
$27.37 swing low to the $29.95 high. On the upside, an immediate
resistance is near the $30.00. The next major resistance is forming
near the $30.50 zone. If there is an upside break above the $30.50
level, the price could accelerate higher. In the stated case, the
price could rise steadily toward the $32.50 level or even $34.00.
Dips Supported in Avalanche? If AVAX price fails to continue higher
above the $30.00 or $30.50 levels, it could start a downside
correction. Immediate support on the downside is near the $29.35
level. The main support is near the $28.65 zone and the 50% Fib
retracement level of the upward move from the $27.37 swing low to
the $29.95 high. A downside break below the $28.65 level could open
the doors for a drop toward $28.00 and the 100 simple moving
average (4 hours). The next major support is near the $27.40 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 – $29.35 and $28.65. Major Resistance Levels – $30.00 and
$30.50.
Avalanche (COIN:AVAXUSD)
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Avalanche (COIN:AVAXUSD)
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