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AVAX Price Uptrend To Continue? These Could Be The Factors To Watch

May 6, 2024
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AVAX worth is gaining tempo above the $36.50 resistance. Avalanche may rise additional if there’s a clear transfer above the $40.00 resistance zone.

AVAX worth is shifting increased from the $30.50 assist zone towards the US greenback.
The worth is buying and selling above $35.00 and the 100 easy shifting common (4 hours).
There was a break above a key bearish development line with resistance at $34.00 on the 4-hour chart of the AVAX/USD pair (information supply from Kraken).
The pair may proceed to rise if it stays above the $36.30 and $35.50 assist ranges.

AVAX Worth Goals Larger

After a gradual decline, Avalanche’s AVAX discovered assist close to the $30.50 zone. A low was fashioned close to $30.58, and the value began a contemporary improve, like Bitcoin and Ethereum.

The worth gained over 10% and broke many hurdles close to $35.00. There was a break above a key bearish development line with resistance at $34.00 on the 4-hour chart of the AVAX/USD pair. The pair even cleared the 50% Fib retracement stage of the downward transfer from the $39.83 swing excessive to the $30.58 low.

AVAX worth is now buying and selling above $36.50 and the 100 easy shifting common (4 hours). On the upside, a right away resistance is close to the $37.65 zone or the 76.4% Fib retracement stage of the downward transfer from the $39.83 swing excessive to the $30.58 low.

Supply: AVAXUSD on TradingView.com

The subsequent main resistance is forming close to the $39.80 zone. If there may be an upside break above the $39.80 stage, the value may surge over 10%. Within the said case, the value may rise steadily towards the $42.50 stage and even $44.00.

Dips Supported in Avalanche?

If AVAX worth fails to proceed increased above the $37.65 or $39.80 ranges, it may begin a draw back correction. Rapid assist on the draw back is close to the $36.30 stage.

The principle assist is close to the $35.20 zone and the 100 easy shifting common (4 hours). A draw back break beneath the $35.20 stage may open the doorways for a serious decline in direction of $32.80. The subsequent main assist is close to the $30.50 stage.

Technical Indicators

4 hours MACD – The MACD for AVAX/USD is gaining momentum within the bullish zone.

4 hours RSI (Relative Power Index) – The RSI for AVAX/USD is now above the 50 stage.

Main Assist Ranges – $36.30 and $35.20.

Main Resistance Ranges – $37.65, $39.80, and $42.50.

Disclaimer: The article is supplied for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding choices. Use data supplied on this web site totally at your individual threat.



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Tags: AVAXContinueFactorsPriceUptrendWatch
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