Avalanche Price Analysis: AVAX investors aim for $100 once the breakout occurs

The Avalanche coin price is about to break out of the $80 resistance level. After recovering from the demand zone.
According to Fib retracement, the AVAX coin price successfully sustained above the $75 (0.5-level) and is about to breach 0.618-level of it.
The AVAX/BTC pair price is favoring the bulls by 7.64% up at 0.002838 satoshis.

The AVAX price fell from $95 on February 17th, showing that sellers are fighting this barrier hard. Furthermore, the ensuing decline shows a double bottom pattern on the daily time frame chart. According to Fib retracement, the AVAX price breached the 0.5 ($74-mark) after retesting the bullish trendline (yellow) and the AVAX is approaching above the 0.618-level ($80-mark) in terms of the daily price chart.

The AVAX coin price has breached the falling channel over the daily price chart. AVAX investors seem to be aggressive, resulting in the coin price is trading at $79.6, bullish by 7% at the time of writing. Above the $80-mark, buyers are aiming to regain the AVAX crypto price to $100-psychological round level. But now bulls need to close the daily price candle above the 0.618-level of Fib retracement.

For the past 2-week, bears continue dumped the AVAX crypto price near $95-mark (key resistance), and the $50 has an immediate support level for long-term investors. However, the AVAX coin has lost 20.4% of its trading volume over the past 24-hour. For the past several days, the daily volume has been reflecting a highly volatile scenario. Meanwhile, the volume to market capitalization ratio is 0.07004.

The bulls accumulate the price to reach a round level of $100

The price of the AVAX/BTC pair is favoring the bulls with an increase of 7.64% at 0.002838 satoshis. In terms of daily price chart, AVAX crypto price with bitcoin pair has broken a declining trend line. However, the price of the pair is moving towards the upper boundary of the Bollinger Bands indicator. If the bulls manage to keep the pair price above 0.00220 satoshis, we can expect a sharp rise to the supply area (Redbox).

The AVAX coin price is higher above the 200-day moving average and now price is retesting 20 and 50 MAs as a resistance level. Moreover, the 100-MA is far above the current price of AVAX.

The daily RSI is approaching the half-line (50-mark) as a bullish hurdle, and above the half-level, RSI may reach overbought territory. However, The MACD indicator indicates a bearish crossover of the fast and slow lines, suggesting a sell signal and it might fall below the neutral zone, if bulls fail to sustain the AVAX crypto price above $80.

ALSO READ: Avalanche (AVAX): Next Big Defi Blockchain Explained. Can AVAX Coin Price Hit The Mark Of $150 by 2022?

Conclusion

The AVAX coin price is now above the 200-day moving average, which may protect investors against more sharp-selling. If they are successful, the buyers will boost the cryptocurrency price to the psychological level of $100 by the end of this month.

Support level – $70 and $50

Resistance level – $100 and $150

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing