October 5, 2022

Avalanche (AVAX) Price Prediction: AVAX Aims For $100.0, Trades Above 200 SMA

2 min read

Avalanche( AVAX)rate gains extremely on Tuesday while extending the previous session’s gains. AVAX has taken some breather near the recent highs after surging nearly 76% from the lows of $53.0 in January. The rate has actually been combining near the essential upside barrier for the previous couple of sessions.

  • Avalanche (AVAX) cost trades higher on Tuesday.
  • Expect more upside above the bullish sloping line near $90.0.
  • AVAX has actually tape-recorded an advantage of almost 76% from January’s low.

AVAX keeps a strong grip on the daily chart

On the day-to-day chart, Avalanche (AVAX) rate struck brand-new swing lows near $53.06 slicing the 200-Simple Moving Average (SMA) at $64.88. The cost has actually been trading inside the downward trading channel after checking the highs of $127.23 on December 22.

Source: Trading View A revival of the buying pressure produces a green candlestick that suggests bulls have the conviction to breakout above the bearish slopping line. The token should overcome the swing highs of $95.12 in order to validate the positive outlook for the set.

The immediate upside target is positioned at the psychological $100.0 level. A definitive break above the discussed level could seek the $120 horizontal resistance level.

On the other hand, a shift in the bullish sentiment could drag the price listed below the 50-day Simple Moving Average (SMA) put at $86.39 in an instant response to the restored selling pressure.

Next, if the cost stops working to hold the grip put below the 200-day Simple Moving Average (SMA) around $65.0, the disadvantage could be continued listed 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 marketplace has scope for additional advantage.

OBV: On The Balance Volume (OBV) holds listed below December’s highs however rises as the rate consolidates for the present run-up.

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