Chart by TradingView
Key Support levels: $95, $78
Key Resistance levels: $121, $147 (ATH)
AVAX touched the support at $78 before starting a significant rally after Circle announced AVAX as the next network on which USDC can transact. This news took the cryptocurrency above the resistance at $100 which now acts as support. The next key resistance is found at $121 and the all-time high is still some distance away at $147.
Trading Volume: Strong volume behind this most recent rally. This is bullish and there appears to be no weakness in the momentum at the time of this post. There is technical resistance at $121.
RSI: The daily RSI is moving higher and, at this rate, it can make a higher high soon. Considering it is at 56 points at the time of this post, AVAX has plenty of room to run before getting into overbought conditions.
MACD: The MACD on the daily completed a bullish crossover. This shows that the AVAX’s correction has ended and a new rally is in play.
The bias for AVAX is bullish. It’s important to keep a close eye on the next key resistance as the price may suffer a pullback once it’s there.
AVAX’s strong fundamentals propelled the price higher in the past three days and this momentum might continue in the nearby future, provided that the broader market doesn’t tank. The indicators and fundamentals favor the bulls right now.
