AVAX price manages to pause the previous session’s losses as it continues to hover above the vital support of $70.0. But the advantage is apparently capped by the 50-day Exponential Moving Average (EMA) at $80.0. So it is a crucial level to trade.
AVAX price is trading with modest gains on Friday. The price moves along with the rising trendline. A 30% increase on the cards if $80.0 is crossed daily.
At the time of writing, AVAX/USD is trading at $75.12, up 1.65% for the day. The 10th largest currency by market capitalization has a 24-hour trading volume at $1,356,180,252.
Source: Trade View
AVAX price remains resilient near the crucial USD 70.0 support level. Also make an effort to move higher with rising volumes.
The rising trendline, which extends from the $53.0 lows, is acting as a support for the bulls. The trendline tested twice with buying pressure building near the lower levels. Also this time, AVAX price is returning to the bullish slopping line. However, the price must cross the 50-day Exponential Moving Average (EMA) at $80.0 to continue rising.
A decisive close above $80.0 will pave the way to a March 1 high of $90.98. Next, the market participants will aim for the horizontal resistance level of $98.77.
If buying pressure remains consistent, the overall AVAX price will observe a 30% increase from current levels.
On the downside, a spike in the sell order could break the critical support at $70.0. The immediate downside is $60.0.
Technical indicators:
RSI: The daily relative strength index trades along with the average line with no apparent bias. He is currently at 48.
MACD: The moving average convergence divergence is hovering below the average line with declining bearish momentum.
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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: Seeks 30% Gain Above $80.0; Is it time to come in?
was published first on https://coingape.com/markets/avax-price-prediction-looks-for-30-upside-risk-above-80-0-is-time-to-enter/
