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- 1 AVAX coin showed a vast surge fleeing the supply zone.
- 2 Buyers are honouring the rally and persisting in accumulation.
Avalanche (AVAX) AVAX coin price rose rapidly breaking out multiple times. It is still soaring in the blue skyzone above $20. Furthermore, the price action indicates the dawn of a rally, and buyers are ruling from the front, whereas sellers have dwelled on the back foot and been trapped during the reversal in the past sessions. However, the coin appears overbought and needs a pause, for the bull rally to sustain.
AVAX price has exceeded the significant moving averages, offering the golden crossover on the charts. Additionally, the coin surged above the crucial neckline of $20, which is the foremost hurdle and now is the immediate support. The coin highlighted the buying interest of the investors who made long positions and are trying to reach $50 soon. AVAX price is now beyond the obstacles and is in the unrestricted region, where bulls have the edge of spreading the rally without any restrictions.
AVAX coin was trading at $23.34 at press time, with a 10.43% surge. Moreover, the trading volume spiked over 22% to $2.05 Billion, and the pair of AVAX/BTC is at 0.000650 BTC. Moreover, the market cap of AVAX rose to $8.40 Billion. Additionally, analysts have maintained a strong buy rating, suggesting a reasonably high beta counter for the upcoming sessions.
Is AVAX a MultiBagger Stock For 2024?
On the daily charts, the AVAX coin has acquired massive buying momentum and broke out multiple times. Moreover, the rally led sellers into trouble and covered their short positions, resulting in extending the gains. Over the past months, AVAX encountered a consolidation stage and was poised in a narrow range. Now, the bad days are gone for AVAX, and a glimpse of bullishness comes to the floor.
AVAX coin price has escaped the 61.8% Fibonacci retracement zone and is close to the immediate hurdle of $25. Meanwhile, the price has surpassed the upper bollinger band and noted a breakout.
AVAX Surpassed 100 Day EMA On Weekly Charts
On the weekly charts, AVAX surpassed the 100 day EMA mark and signals a f upside which can be anticipated soon toward the trajectory highs of $25.The RSI curve stayed above the overbought zone near 80, noted a positive divergence, and indicated bull dominance on the charts.
The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a continuation of the bull rally for the upcoming sessions.
Summary
AVAX price has witnessed multiple breakouts and is flying above the barrier of $20, which highlights bullishness on the charts. Sellers were trapped, which is a sign that the coin could rally to the $50 mark soon.
Technical Levels
Support Levels: $20 and $18
Resistance Levels: $25 and $28
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
