The price of Avalanche (AVAX) broke above the moving average lines, regaining its upside momentum. The cryptocurrency peaked at $23 but was halted.
Avalanche price long-term analysis: bullish
AVAX is rejected at the $23 threshold for the third time. On the positive side, the price indicator has predicted that the cryptocurrency will continue to rise.
AVAX was expected to reach the Fibonacci extension level of 1.618 or $24.55. The bullish momentum has currently stopped below the recent high. AVAX is above the moving average lines but below the resistance at $23. The altcoin will rise to a high of $28 if it breaks the high at $23.
If the buyers are unable to sustain the positive momentum above the $23 level, the cryptocurrency will fall above the moving averages. At the time of writing, AVAX is trading at $22.25.
Analysis of the Avalanche price indicator
The price bars are above the moving average lines after the recent price recovery. Despite the initial obstacle at the $23 high, the price bars continue to move. The price bars on the 4-hour chart have pulled back above the moving average lines and are now rising. The moving average lines on both charts are showing an increasing slope.
Technical Indicators:
Key Resistance Levels – $60 and $70
Key Support Levels – $30 and $20
What is the next direction for Avalanche?
After the rally on April 22, AVAX is currently trading in the bullish trend zone.
On the 4-hour chart, AVAX is above the moving average lines but below resistance at $23. The barrier at $23 has hindered the uptrend. The price of the cryptocurrency has tested the barrier for the second time in the last 48 hours to break through it. If the buyers break through the current barrier, AVAX will rise to a high of $28.
Coinidol.com wrote on March 14 that AVAX was struggling to break through the $20 resistance level.
Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
