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After recently surpassing the $23.50 mark, the price of Avalanche (AVAX) has continued to show resilience moving higher with good momentum towards the $30.34 resistance level. This upward movement has signaled bullish sentiment among market participants and potential further gain for the crypto asset.
As Avalanche continues to gain pace above $23.50, this article delves into providing an in-depth analysis of this recent price surge and its potential for further growth by examining current price actions and technical indicators focusing on the 4-hour and the 1-day chart.
At the time of writing, AVAX’s price was up by over 4.85%, trading at about $26.88, with a market capitalization of more than $10 billion and a trading volume of more than $305 million. In the last 24 hours, the market capitalization of AVAX has increased by 4.44%, while trading volume has decreased by 32.13%.
Analysis Of AVAX’s Recent Price Momentum
Currently, the price of AVAX on the 4-hour chart with bullish momentum has crossed above the 100-day Simple Moving Average (SMA). The digital asset has been on an upward spiral since breaking above its previous low of $26.50. As a result of the price movement, Avalanche could still extend its rally toward the $30.34 resistance level.
Also, an examination of the 4-hour Composite Trend Oscillator indicates that the price of AVAX might continue to rise since the indicator’s signal line has crossed above its simple moving average, and both are trying to move above 50%.
On the 1-day chart, although Avalanche is still trading below the 100-day SMA, it can be observed that the crypto asset is attempting a bullish move towards the $30.34 resistance level. After the cross above $26.50, AVAX has been showing bullish resilience thereby keeping its pace above this level. With this recent bullish momentum, the digital asset could potentially extend its rally to other resistance levels.
Finally, on the 1-day chart, the composite trend oscillator also indicates that AVAX could potentially expand its bullish move as the signal is attempting to cross above the SMA of the indicator and are both trying to move out of the oversold zone.
Can Avalanche Sustain Its Upward Trajectory?
Currently, AVAX is trying to move higher toward the resistance level of $30.34. If the crypto asset’s price hits this level and closes above, it will likely move on to challenge the resistance level at $37.29. If the $37.29 level is surpassed, it may also target the $39.94 resistance level and other higher levels.
Nonetheless, if it reaches the $30.34 mark and encounters resistance, the price might begin to decline once more in the direction of the $23.50 support level. When it breaches this $23.50 support level below, Avalanche will keep falling to test the $18.83 support and other lower levels.
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