After recently surpassing the $23.50 mark, the price of Avalanche (AVAX) continued to show resilience as it moved higher with good momentum towards the $30.34 resistance level. This upward move signaled bullish sentiment among market participants and potential further gain for the crypto asset.
As Avalanche continues to gain momentum above $23.50, this article delves deeper into providing an in-depth analysis of this recent price surge and its potential for further growth by examining current price action and technical indicators with a focus on the 4-hour and 1-day chart.
At the time of writing, AVAX price is up over 4.85%, trading at around $26.88, with a market cap of over $10 billion and a trading volume of over $305 million. In the last 24 hours, AVAX’s market cap has increased by 4.44%, while its 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 high momentum has broken 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 action, Avalanche could still extend its rally towards the resistance level of $30.34.
Furthermore, an examination of the 4-hour composite trend oscillator indicates that the price of AVAX may continue to rise as the indicator’s signal line has crossed above its simple moving average, and both are attempting 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 an upward move towards the $30.34 resistance level. After the cross above $26.50, AVAX has shown bullish resilience, thus maintaining its momentum above this level. With this recent bullish momentum, the digital asset could potentially extend its recovery towards other resistance levels.
Finally, on the 1-day chart, the Composite Trend Oscillator also indicates that AVAX could potentially expand its upward movement as the signal is trying to cross above the indicator’s SMA and both are trying to break out of the oversold zone.
Can Avalanche sustain its upward trajectory?
At the moment, AVAX is attempting to move higher towards the $30.34 resistance level. If the price of the crypto asset reaches this level and closes above it, it is likely to go on to challenge the $37.29 resistance level. If the $37.29 level is crossed, it could also target the $39.94 resistance level and other higher levels.
However, if it hits the $30.34 mark and finds resistance, the price could start falling once again towards the $23.50 support level. Once it breaks below this $23.50 support level, Avalanche will continue falling to test the $18.83 support and other lower levels.