AVAX price has experienced a significant rally, climbing over 50% and surpassing the $22.50 resistance level.
Key Takeaways
- AVAX price has experienced a significant rally of over 50% and has surpassed the $22.50 resistance level.
- While a correction may occur, there is potential for further upward movement, particularly above $25.
- AVAX price is currently displaying positive signals above the $20 level against the US dollar.
- A key bullish trend line is forming, offering support around $20.50 on the 4-hour chart of the AVAX/USD pair (data source: Kraken).
Potential for Continued Upside
If AVAX can convincingly breach the $24.50 and $25.00 resistance levels, there could be a further surge in price, possibly exceeding 20%. In such a scenario, the price might progress steadily toward the $30 level.
AVAX Price Prediction: Avalanche Bulls Are Just Getting Started https://t.co/dvyaKoKmSg
— Jose JM (@CryptoJoseJM) November 17, 2023
Dips Limited in Avalanche?
Should AVAX price fail to continue its ascent beyond $24.50 or $25.00, it may undergo a downside correction. Immediate support on the downside can be found near the $22.50 level.
The primary support level lies around $20.50, and a breakdown below this level could potentially lead to a new decline toward $18. The next significant support is around $15.50.
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.
Support and Resistance Levels
- Major Support Levels: $22.50 and $20.50.
- Major Resistance Levels: $24.50, $25.00, and $30.00.
To Conclude
Key technical indicators include the MACD, which is gaining momentum in the bullish zone, and the RSI, which is above the 50 level on the 4-hour chart.
AVAX has seen substantial gains and could experience further upside movement if it breaks above $25. However, it’s essential to monitor support levels in case of a correction.
