Can AVAX Crypto Price Jump  Above the $50 Mark?

Avalanche Crypto asset has risen by 4.78% in market value and plummeted by 17.90% in trading volume in the last 24 hours, as per CoinMarketCap, a crypto data analysis website. Its market value is $12,813,282,293 and its trading volume is $476,791,018. There are 367,104,363 AVAX assets in circulation.

Will AVAX Price Shatter Hurdles

On the overall analysis of the price movement, the Avalanche crypto asset is showing bullish signs and is suggesting the potential to grow more. It performed well in the last week and last quarter by 14.25% and 187.52% and showed correction last month by -14.35%, overall it is indicating a possible strong uptrend.

The price structure of Avalanche crypto shows that the price climbed from $10 to $50. However, the Avalanche dropped from the supply level of $50 and plunged sharply to the support level at $27.

However, the AVAX crypto price showed a sign of recovery as the price soared from the vital level of around $27 on the chart. Also, the price lows have moved upwards, highlighting a drop in selling pressure.

Now, it looks like the Avalanche crypto is ready for a massive surge, as it prepares to break the resistance level and fly to new highs from the current support zone.

At press time, the AVAX crypto recorded a 3.37% rise in the last 24 hours, and the asset is trading at $34.96.

Therefore, if the demand for the Avalanche stays high, the crypto price could spike upward more and could rise to retest the supply region as well. Then the next target for the price could be to reach $50 and the in between resistance would be $44.

The RSI is at 51 and since it is not close to the 70 level yet and AVAX has taken support from 14-SMA which is at 44.86, it is nearing the overbought level. This shows that the AVAX asset is not facing much resistance and AVAX crypto price can increase its gains.

The MACD has shown a bullish crossover. While the histogram value is at 0.39, the MACD is at -0.49 and the signal line is at -0.88.

AVAX crypto asset is displaying bullishness and great potential as it holds above the major support level of $27 and rose above the major 20 and 50-Day EMAs.

However, if the AVAX crypto price fails to hold above the $27 level, it could sink further.

Summary

AVAX price highlights the bullish sentiments and perspectives regarding the crypto asset in the daily time frame. The Avalanche price action highlights a bullish view at the time of publishing, as it recently attempted to surge from a pivotal level. 

Moreover, the technical parameters of the Avalanche price suggest the continuation of the uptrend over the daily time frame chart. The RSI, EMAs and MACD are giving bullish signals.

Technical Levels

Support Levels: $27

Resistance Levels: $44

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.