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- 1 The AVAX crypto has displayed a sign of a strong comeback, as the price rose from a vital level.
- 2 The Avalanche crypto is ready for a remarkable rally as the sellers are getting weaker.
The Avalanche crypto has shown a significant improvement on the price chart, as the AVAX crypto advanced from $9 to $50 around November 2023. After that, the AVAX price faced correction which led the price to follow a declining wedge and created a support at $27.11.
However, the AVAX crypto has displayed a sign of a strong comeback as the price rose from the vital level of around $27.11 on the chart and has been on its way to retesting the supply level, which highlights that it has stopped building lows and has been in an uptrend and broke the range of the wedge.
Now, it looks like the Avalanche crypto is ready for a remarkable rally ahead, as the sellers are getting weaker. Now, to break the supply level and ascend to new heights, more buying momentum is needed from the current support level.
The Avalanche asset is displaying bullishness and rising capabilities, as it holds its price above major trend 20 and 50-day EMA bands, relying on the buyer’s rise, the price could show a wonderful surge in the next sessions.
Since the AVAX asset is showing bullish behavior it shows the opportunity to increase further.
Overall it has achieved wonderful performance in the last week, month, and three months by 7.12%, 4.71%, and 145.66% respectively, showing a strong effort by the buyers to take the price in the upward direction.
The AVAX crypto asset is showing bullish potential, as MACD is expecting a bullish cross with increasing histogram width. Also, the MACD is at 0.13, the signal line is at 0.33, and the histogram graph is increasing for the upside at 0.33.
Moreover, the RSI is increasing gradually, implying that the Avalanche crypto asset is gaining momentum, as it has bounced from the 14-SMA smoothed line and this shows that its price can reach new highs. Meanwhile, the RSI curve is at 54, and 14- SMA is at 51.
At the time of writing, the Avalanche crypto is experiencing a surge of 2.29% in the last 24 hours, trading at $36.24 and the price shows a breakout, which could thrust the price upward.
Therefore, if the demand for the Avalanche remains high, the asset price could continue advancing from the current level. The next target for the price is to reach $42.10.
However, if the crypto price fails to stay above the $27.11 level, it could decline further and could drag the price to the demand zone as well.
Summary
AVAX Crypto has been on its way to retest the supply level, which highlights that it has stopped building lows has been in an uptrend, and has broken the range of the wedge as well.
Overall it has showed impressive performance last week, last month, and three months and the price shows a breakout, which could thrust the price upwards.
Therefore, if the demand for Avalanche remains high, the asset price could continue advancing from the current level. The next target for the price is to reach $42.10.
Technical Levels
Support Levels: $27
Resistance Levels: $42
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
