AVAX price is gaining pace above the USD 26.50 resistance. The avalanche could rise further if there is a clear move above the USD 27.75 resistance zone.
- AVAX price is moving higher from the $24.70 support zone against the US dollar.
- The price is trading above USD 26.50 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $26.50 on the hourly chart of the AVAX/USD pair (Kraken data source).
- The pair could continue to rise if it remains above the $26.00 and $25.50 support levels.
AVAX price aims higher
After a steady decline, Avalanche’s AVAX found support near the $22.00 zone. A support base was formed above $22.00, and the price started to rise again, just like Bitcoin and Ethereum.
The price rose more than 7%, breaking many hurdles near $25.00. There was a break above a key bearish trendline with resistance at $26.50 on the hourly chart of the AVAX/USD pair. It cleared the 76.4% Fib retracement level of the downward move from the $27.17 swing high to the $24.72 low.
The pair even managed to overcome the resistance at $27.00 to move into a positive zone. AVAX price is now trading above $26.50 and the 100-hour moving average.
On the upside, immediate resistance is around $27.75. The next major resistance forms near the $28.70 zone or the 1.618 Fib extension level of the downward move from the $27.17 swing high to the $24.72 low. If there is an upside break above the USD 28.70 level, the price could accelerate higher. In the mentioned case, the price could rise steadily towards the USD 30.00 level or even USD 32.00.
Dips supported in avalanche?
If AVAX price fails to hold higher above the USD 27.75 or USD 28.70 level, it could trigger a downside correction. The immediate downside support is near the $26.50 level.
The main support is near the $26.00 zone and the 100 simple moving average (4 hours). A downward break below the USD 26.00 level could open the doors for a decline towards USD 24.70. The next major support is near the $22.50 level.
Technical indicators
Hourly MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level.
Major support levels – USD 26.50 and USD 26.00.
Major resistance levels – $27.75 and $27.70.