AVAX Holds Above $40 And Continues Its Upward Trend

The price of Avalanche (AVAX) has risen to a high of $45.07, continuing its uptrend. Cryptocurrency price analysis brought by Coinidol.com.

Long-term analysis of the Avalanche price: bullish

AVAX has been trading in a range between $20 and $30 in the previous price action. The altcoin broke the barrier at $30 and $40 and has since recovered above the moving average lines. Since November 22, the bullish momentum has paused above the $44 high. The crypto price is bouncing off the $40 breakout level. If the current barrier is broken, AVAX will rise to the high of $60. The positive trend will continue until it reaches the high of $100. However, if AVAX declines from the current high, it will fall below the 21-day SMA or return to the previous range of $20 to $30. At the time of writing, AVAX is trading at $41.74.

Analysis of the Avalanche  indicator

The upward moving average lines are located below the price bars. The fact that the 21-day SMA is higher than the 50-day SMA indicates that the cryptocurrency will continue to rise. The current trend will end when the price bars are below the moving average lines.

Technical indicators:

Key resistance levels – $60 and $70

Key support levels – $30 and $20

What is the next direction for Avalanche?

AVAX is in an uptrend as the 4-hour chart shows a series of higher highs and higher lows. The cryptocurrency has returned above the $40 breakout level. If the altcoin stays above the $40 support and breaks the $44 barrier, the uptrend will continue.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.