The price of AVAX experienced a significant increase of more than 50% and surpassed the threshold of $22.50. There is a possibility of a downward correction in price, however, it is also plausible that there may be further upward potential beyond the $25 mark.
The AVAX price is exhibiting several favorable indicators over the $20 threshold in relation to the US dollar.
The current trade price exceeds $22 and is also over the 100 simple moving average during a 4-hour period.
On the 4-hour chart of the AVAX/USD pair, a significant bullish trend line is observed, exhibiting support in the vicinity of $20.50. This data is sourced from Kraken.
The upward trajectory of the pair may persist in the event of a decisive breach of the resistance levels at $24.50 and $25.00.
The price of AVAX has experienced a significant increase, doubling its value over a short span of time.
Following the establishment of a support level over $10.00, the cryptocurrency AVAX, belonging to the Avalanche network, started a significant surge, exhibiting superior performance compared to Bitcoin and Ethereum. There was a discernible upward movement beyond the barrier levels of $15 and $20.
The price has experienced an increase of more than 50% over recent days, surpassing the resistance level of $22.50. The price has just reached a new high over the course of many weeks, approximately around $24.70, and is currently undergoing a period of consolidation to maintain these gains. A little decrease occurred below the threshold of $22.50.
The price has experienced a decrease below the 23.6% Fibonacci retracement level, which corresponds to the upward movement from the swing low of $15.59 to the high of $24.70. Nevertheless, the bulls exhibited significant activity at a price point over $20.00.
The current trading price of AVAX has above $22.00 and is also above the 100 simple moving average during a 4-hour period. Additionally, on the 4-hour chart of the AVAX/USD pair, there is evidence of a significant bullish trend line taking shape, which exhibits support in the vicinity of $20.50. One potential positive aspect is the presence of a nearby resistance level at about $24.50.
The forthcoming significant resistance is currently being established in the vicinity of the $25.00 threshold. In the event of a positive breach above the price thresholds of $24.50 and $25.00, there exists the potential for a substantial increase in price exceeding 20%. In the aforementioned scenario, it is plausible that the price may exhibit a gradual upward trend, potentially reaching the threshold of $30.
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In the event that the AVAX price does not exhibit further upward momentum over the thresholds of $24.50 or $25.00, there is a possibility of initiating a corrective movement towards the downside. The $22.50 level is expected to provide immediate support on the downside.
The primary level of support is located in the vicinity of $20.50. A potential negative breach below the $20.50 threshold may initiate a new downward trajectory below the $18 mark. The subsequent significant level of support can be observed in the vicinity of $15.50.
The Moving Average Convergence Divergence (MACD) indicator for the AVAX/USD trading pair is exhibiting an increasing trend in the positive region.
The Relative Strength Index (RSI) for the AVAX/USD pair has above the 50 threshold, indicating a positive trend.
The major support levels for the given asset are observed between $22.50 and $20.50.
The major resistance levels for the given asset are identified as $24.50, $25.00, and $30.00.
