AVAX price started the week higher and continued to weigh on gains. The price is facing resistance near its three-month high at $103. However, downside risk remains limited as current price action suggests strong buying momentum.

AVAX price closes out close gains on Saturday. Bulls are targeting $120 for a decisive close above $102. The momentum oscillators are tilting in favor of bullish sentiment.

AVAX price seeking further gains

Source: Trade View

AVAX price is scrambling to keep moving north, as levels have tested this past January. A strong green candlestick indicates the underlying bullish flow in the asset. Then, if the price is able to break through the March 5 highs at $106.59, it would be easier for the bulls to march higher.

A resurgence in buying pressures would push in a higher trajectory towards the psychological level of $120.0.

On the downside, a shift in bearish sentiment could result in a pullback in the price towards session lows at $96.07.

Subsequently, a daily close below the critical level of $90.0 would trigger another round of selling in AVAX. The sellers would then aim for the 50-day EMA (exponential moving average) at $82.55.

At press time, AVAX/USD is trading at $102.65, up 6.34% for the day. The 10th largest cryptocurrency is holding 24-hour trading volume at $1,718,502,769 according to CoinMarketCap.

Technical indicators:

RSI: The Relative Strength Index has been trading above the average line since March 17. He is currently at 70.

MACD: The moving average convergence divergence is showing strong bullish momentum above the central line.

Trading volume: On-balance volume reflects the strength of demand-driven growth in prices.

Disclaimer

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.

About the author

Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate on-chain analysis to track the market.



This post AVAX jumps 7%; Keep your eyes on $120.0

was published first on https://coingape.com/markets/avalanche-price-prediction-avax-jumps-7-keep-eyes-on-120-0/

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