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- 1 AVAX coin reflected a bounce and has gained strength this week.
- 2 Bulls are tightening the grip and readying to pump AVAX price above $50.
Avalanche price crossed the trendline hurdle of $40 and displayed buying momentum this week. The token has reflected the intent to retest the round mark of $50 and is revealing follow-on buying momentum. Recently, the token pulled back from the 50-day EMA mark, and bulls retained their strength and charged up now. Moreover, the bulls are desperate to cross the upper neckline of $50 to initiate a rally.
AVAX price has surpassed the key moving averages and depicts the bull accumulation on the charts. The token will release the network upgrade on March 6, ending the staking functionality. Despite the market surge, the token has surged only by 25% this month and is still attempting to attain impulsive momentum that might trigger a breakout soon. Per the Fibonacci retracement levels, the token is trading below the 38.2% level and is witnessing neutral sentiments.
The Avalanche token (AVAX) price was $43.17 at press time, with an intraday gain of 0.53%, showing neutrality on the charts. Moreover, the trading volume has increased by 3.78% to $685.71 Million. The Avalanche price has a weekly return ratio of 17.17% and 27.16% on a monthly basis. The pair of AVAX/BTC is at 0.000697 BTC, and the market cap is $16.27 Billion. Analysts are bullish and suggest that the AVAX token might trigger a breakout and will cross the round mark of $50 soon.
Avalanche Displays Trendline Breakout, Can AVAX Reach $50 Mark?
The daily charts of AVAX token signifies a bounce from the 50-Day EMA mark, and bulls succeed in crossing the trendline hurdle of $40. Additionally, the token might trigger a breakout above $50 shortly. The trend favors the bulls, and an increase in the open interest data signals the long buildup activity. As per the data from Coinglass, the open interest was at $335.01 Million at the time of writing, which increased by 5% this week.
The Momentum Indicator (RSI) curve sharply rose to the overbought zone and signals the bulls’ accumulation on the charts. Similarly, the Moving Average Convergence Divergence (MACD) replicated a bullish crossover and signaled positive sentiments for the following sessions.
AVAX Exhibits Recovery From Lows, Is The Uptrend Begin?
On the weekly charts, AVAX token price recovered over 300% in the last three months and retained the gains decisively. The recent turnaround might signal that some big players have carried long positions and anticipate lifting the token beyond $50. Additionally, positive market sentiments could lead to a fresh breakout in the upcoming sessions.
Summary
The Avalanche token (AVAX) has gained strength and split the trendline hurdle of $40, indicating a bullish sentiment. Moreover, the token indicates long buildup activity and may surpass the round mark of $50 soon.
Technical Levels
Support Levels: $40 and $35
Resistance Levels:$50 and $54
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.
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.
