Avalanche Gains Momentum As AVAX Sets Sights On $30.34 Resistance
Avalanche (AVAX) has recently shown a strong correctional upswing, sparking renewed interest among investors and traders. This upward momentum comes after a rejection at $23.49 and indicates a potential challenge to the $30.34 resistance level.
As AVAX approaches this critical threshold, market participants are closely watching to see if the cryptocurrency can maintain its bullish trajectory and break through the resistance. The $30.34 level is now a focal point, determining whether Avalanche can sustain its rally and continue to climb higher.
Analyzing Avalanche’s Current Upswing
Currently, on the 4-hour chart, the price of AVAX is actively trading above the 100-day Simple Moving Average (SMA). Although the price tends to be moving in a consolidating manner, there are possibilities that it could extend its upswing.
Also, while the signal line of the 1-day Relative Strength Index (RSI) signals that the price of Avalanche may go bearish, this is just a short-term movement, which at some point, the price may begin to rise again.
Meanwhile, on the 1-day chart, despite still trading below the 100-day SMA, Avalanche is actively bullish as it is attempting a correctional upward movement toward the $30.34 resistance level with consistent momentum.
Breaking Through Or Facing Rejection At $30.34?
Exploring the possible outcomes of Avalanche, it was discovered that if AVAX’s price reaches the $30.34 resistance level and breaks above, it may continue to rise higher to test the $36.15 resistance level and potentially move on to challenge other higher levels if it breaches this $36.15 level.
However, if the crypto asset faces rejection at the $30.34 resistance, it will begin to decline toward the $23.49 support level. If this level is breached, it may continue to decline to test the $18.81 support level and may move on to test other lower levels following a break below the $18.81 level.
AVAX’s price was trading at around $28.23 and was up by 1.01% with a market capitalization of over $11 billion and a trading volume of over $336 million as of the time of writing. There has been a 24-hour increase of 1.01% in AVAX’s market capitalization and a 3.07% decrease in its trading volume.
