Avalanche (AVAX) price gains remarkably on Tuesday while extending the previous session’s gains. AVAX has taken some breather near the recent highs after surging almost 76% from the lows of $53.0 in January. The price has been consolidating near the crucial upside barrier for the past few sessions.
- Avalanche (AVAX) price trades higher on Tuesday.
- Expect more upside above the bullish sloping line near $90.0.
- AVAX has recorded an upside of nearly 76% from January’s low.
AVAX keeps a strong foothold on the daily chart
On the daily chart, Avalanche (AVAX) price hit new swing lows near $53.06 slicing the 200-Simple Moving Average (SMA) at $64.88. The price has been trading inside the downward trading channel after testing the highs of $127.23 on December 22.
A resurgence of the buying pressure produces a green candlestick that indicates bulls have the conviction to breakout above the bearish slopping line. The token must overcome the swing highs of $95.12 in order to confirm the optimistic outlook for the pair.
The immediate upside target is placed at the psychological $100.0 level. A decisive break above the mentioned level could seek the $120 horizontal resistance level.
On the flip side, a shift in the bullish sentiment could drag the price below the 50-day Simple Moving Average (SMA) placed at $86.39 in an immediate reaction to the renewed selling pressure.
Next, if the price fails to hold the foothold placed below the 200-day Simple Moving Average (SMA) around $65.0, the downside could be continued below the swing lows at $42.0.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) trades at 58 with a bullish cross signaling the market has scope for further upside.
OBV: On The Balance Volume (OBV) holds below December’s highs but rises as the price consolidates for the current run-up.
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Source: https://coingape.com/markets/avalanche-avax-price-prediction-avax-aims-for-100-0-trades-above-200-sma/