Avalanche (AVAX) price surges markedly on Tuesday as gains from the previous session extend. AVAX has taken some breather near its recent highs after rising nearly 76% from the $53.0 lows in January. The price has been consolidating near the crucial upward barrier for the past few sessions.

Avalanche (AVAX) price is trading higher Tuesday. Expect more upside potential above the rising line near USD 90.0. AVAX has registered an increase of almost 76% from its January low.

AVAX Holds Firm Foothold on the Daily Chart

On the daily chart, the Avalanche (AVAX) price hit new swing lows near $53.06, cutting the 200-Simple Moving Average (SMA) at $64.88. The price traded in the downside trading channel after testing the highs of $127.23 on Dec. 22.

Source: Trade View

A resurgence in buying pressure produces a green candlestick indicating that bulls are convinced to break above the bearish line. The token needs to overcome swing highs of $95.12 to confirm the bullish outlook for the pair.

The immediate upward target is at the psychological level of $100.0. A decisive break above the said level could reach the $120 horizontal resistance level.

On the downside, a shift in bullish sentiment could drag the price below the 50-day Simple Moving Average (SMA), which has been placed at $86.39 in an immediate response to renewed selling pressure.

Then, if the price fails to maintain its foothold placed below the 200-day Simple Moving Average (SMA) around $65.0, the downside could continue below the swing lows at $42, 0.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) is trading at 58 with a bullish cross indicating that the market has room for further upside potential.

OBV: On The Balance Volume (OBV) remains below the December highs, but is rising as the price consolidates for the current run-up.


The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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This post Avalanche (AVAX) Price Forecast: AVAX Targets $100.0, Trade Above 200 SMA

was published first on https://coingape.com/markets/avalanche-avax-price-prediction-avax-aims-for-100-0-trades-above-200-sma/


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