Chart by TradingView
Key Support levels: $78
Key Resistance levels: $95, $115
AVAX performed much better than the overall market, with a 25% price increase in the past two days after touching the key support at $78. Now, the price rallied to the key resistance at $95, where it is facing some difficulties to move higher. Should it fail, AVAX’s can fall to around $80 and still maintain the uptrend intact.
Trading Volume: The volume in the past few days was considerable and has pushed the price to almost $100.
RSI: The daily RSI failed to make a higher high compared to the price, which may be indicative of a bearish divergence. It is crucial for the price to move higher, otherwise, this may be a warning sign to bulls that bears may resurface.
MACD: The MACD on the daily is bullish, and the histogram is back at making higher highs. This is good news for bulls.
The bias for AVAX is bullish in the short term. However, the $100 level is an important resistance to consider, and it’s critical to be vigilant as the price approaches it.
The indicators are generally bullish, and if the volume continues to remain high, then AVAX has a great shot at moving past the key resistance and achieving a three-digit valuation at over $100 again. If successful, the next key resistance will be found at $115.
