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Avalanche Bulls Gaining Momentum, AVAX Price Forecast Indicates a Promising Start

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.

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.