The price of Avalanche (AVAX) is moving forward on the first day of the new trading week. In any case, AVAX is forming a bullish technical formation in the near term as the price respects the critical support around $70.0. Recently, it was up 25% but faced a selloff near the bearish slanted line resulting in a minor retracement.
The price of Avalanche (AVAX) is higher on Monday. Expect more gains as the price closes above the 50-day EMA at $81.73. AVAX is facing multiple rejections near the falling trendline from the swing highs of $98.79.
AVAX is looking for the advantage
Source: Trade View
On the daily chart, after tracking 22% of the March 1 highs at $90.89, the price of AVAX is gaining a strong position above $70.0. More buoyancy is needed to establish the directional base.
A decisive close above the critical $76.0 will bring the first resistance at 50-day EMA (exponential moving average) to $82.66.
Subsequently, market participants would look for further gains towards the bearish trendline at $85.0.
Alternatively, a spike in the sell order could drag the price down with immediate support at the session low at $70.0.
In the event of a prolonged sell-off, LUNA price could test lows of $64.53 made on Feb. 24.
Technical indicators:
RSI: The daily Relative Strength Index (RSI) tries its best to break the average line while reading at 46.
MACD: The moving average convergence divergence (MACD) floats below the centerline with a neutral bias.
OBV: The On Balance volume is rising along with the rising price action.
AVAX price has been trading lower since the start of its massive correction move in late November 21. As of publish time, AVAX/USD is trading at $76.0, up 4.83% for the day.
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.
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This post AVAX Price Prediction: Outlook Remains Bullish Towards $85.0, Is the Right Time to Buy?
was published first on https://coingape.com/markets/avax-price-prediction-outlook-remains-bullish-toward-85-0-is-right-time-to-buy/
