Avalanche (AVAX) It showed an incredible rise on the technical chart, increasing its price by about 110% month-on-month alone. AVAX price is currently trying to hit new highs as the price action shows no signs of a reversal. It will also use the Avalanche blockchain. Deloittewas an important factor driving the price up.
Important Technical Levels
- AVAX price continues to gain good support from the 50 EMA line.
- The daily RSI line rejects the ‘rally’ similar to the AVAX price.
- AVAX’s daily trading volume is around $1.75 billion, which represents a 9.73% loss compared to the previous day.
On November 7, AVAX provided proper confirmation to continue an uptrend after breaking out of its previous high of $79.1. AVAX has managed to start a strong rally and is up about 50% from that breaking point so far.
AVAX price has reached the 1.0 Fibonacci extension level and is showing the next resistance level at $148 (1,414 Fibonacci extension). Also, the 50 EMA line provides strong support to the price and has shown the bullish alignment at the key EMAs (20, 50, 100 and 200).
The Relative Strength Index (75) shows that AVAX price is currently in a bullish sentiment. However, compared to the price action of the asset, the RSI line has failed to provide significant growth.
AVAX/USD Price Chart: 4-Hour Timeframe
The AVAX chart showed the price to move up from an ascending parallel channel on a 4-hour time frame basis. The bullish trend of such patterns indicates even more buying pressure from market participants.
Now, the “resistance trendline” should act as a good support level and show good demand pressure at this level, providing an entry opportunity for AVAX traders.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.