Will Avalanche (AVAX) Bulls Scale Higher or Lose Their Footing?

• A 5% rally has lifted Avalanche to $34.
• $AVAX’s trading volume has jumped by 17%.

Today’s market momentum clarifies that a complete escape from the bear hold seems impossible. With the Fear and Greed Index value holding at 52, the overall market sentiment is neutral, and both the green and red candlesticks are formed across the assets. Meanwhile, the assets like BTC and ETH have slipped back to their former lows.

Among the altcoins, Avalanche (AVAX) registered a gain of over 5.04% in the last 24 hours. The asset’s multiple resistance levels between $32.73 and $35.71 are broke to confirm the bullish wave. The asset opened the day trading at a low of $32.69 and later climbed to a high range of $35.75. With further bull support, AVAX can eye higher targets. 

At the time of writing, Avalanche traded at around the $34.44 mark, with its market cap staying at $14.50 billion. Besides, the daily trading volume is up by over 17.27%, resting at $2.12 billion. The Coinglass data has reported that the market has observed a 24-hour liquidation of $4.28 million worth of AVAX. 

A chart shows Avalanche breaking above key resistance near $30 and holding the price below $35. The momentum looks strong after a steady climb from the $24–28 range. If the buying pressure continues, $37 could be the next upside target, while $30 currently acts as the support zone.

What is Next for Avalanche’s Price Action?

The four-hour price chart of Avalanche reveals the possibility of more upward movement. The asset might rise toward the crucial resistance at the $34.50 mark. Assuming the bullish correction strengthens, the price could soon test $34.56 and the bulls trigger its golden cross to take place. 

In defiance, if a bearish reversal happens, and the asset fails to hold up its price, the bears could push it down to the support at $34.38. In case the Avalanche market’s downside correction deepens, the death cross might unfold, and it will send the price to its former low at $34.32 or even lower. 

While analysing the technical indicators, the Moving Average Convergence Divergence (MACD) line of AVAX is found above the signal line. This crossover is generally considered a bullish signal. Also, the uptrend may gain more strength, with the price continuing to rise. 

Additionally, the asset’s Chaikin Money Flow (CMF) indicator shows how much money is flowing in and out. With a value of 0.14, moderate buying pressure is in the market. The capital is flowing into the asset, and if it gets closer to +1, the accumulation gets stronger. 

Avalanche’s Bull Bear Power (BBP) reading of 2.63 suggests that the bulls are currently dominant. If the value goes high, it gains more strength, and a negative value would invite the bears in. Moreover, the daily Relative Strength Index (RSI) at 69.05 is close to the overbought zone. It indicates the bullish momentum. Upon crossing 70, there is a chance of getting pulled back and staying below, which leaves room for the uptrend. 

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