April 17, 2024

Avalanche (AVAX) Price Analysis: Technical Chart Hints at Price Recovery

Avalanche (AVAX) maintains an overall bullish outlook as the recent price retracement phase secured reliable support near the $78 level. The price recovery came from positive news like Circle launching its USDC on Avalanche. Also, the NASDAQ report stated that Bank of America financial analysts call Avalanche an Ethereum alternative.

Vital Technical Points

  • Avalanche (AVAX) reclaims the 50-day exponential moving average.
  • AVAX has its intraday trading volume at $2.2 billion, showing a 21.2% surge.

The last time we checked AVAX/USD’s correction phase saw the alt presenting a 30% discount as the coin fell towards the 0.5 FIB retracement area. Avalanched wavered beyond this mark for nearly two weeks before an impressive bullish reversal signal.

AVAX attempted to breach the nearest resistance at $97.8 – $100 on 15 December. The asset continues its surge after a brief retest while targeting the ATH of $146.

The crucial exponential moving averages (20-50-100 and 200) have presented bullish alignment on the daily price chart, suggesting a massive uptrend. The RSI (60) jumped beyond the neutral regions, confirming bullish sentiment on Avalanche’s price.

AVAX/USD 4Hr Chart

So far, Avalanche has gained about 48% from the lower support at $78. The alt matches towards the next resistance level near $127. If the crypto manages to regain this upside resistance, AVAX might explore its all-time high resistance at $145 soon, triggering a bullish surge.

Even if the alt reject levels are above the resistance, market players can sustain bullish sentiments until AVAX stabilizes beyond the $100 level.

Meanwhile, the traditional pivot indicates confluence with AVAX’s chart level. With these pivot points, Avalanche enthusiasts might expect the immediate resistance around $117, then $127. On the other side, the altcoin’s support zones are $97.7, then $87.3.

The recent partnership between Balancer Labs and Aave to introduce Boosted Pools contributes to the latest upward actions by the token. For now, AVAX defies broad-based trends, noting highs as the crypto space sees red.

Some analysts believe Avalanche eyes the $200 mark following the double-digit 24-hour gain. What are your opinions on that? You can leave a reply below.

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