2023-3-23 08:52 |
AVAX price is holding the key $16.00 support zone. The price might start a major increase if there is a clear move above the $17.80 resistance zone.
AVAX price is showing a few positive signs above the $16 level against the US dollar. The price is trading above $16.20 and the 100 simple moving average (4-hours). There is a key contracting triangle forming with resistance at $17.75 on the 4-hours chart of the AVAX/USD pair (data source from Kraken). The pair could continue to rise if there is a clear move above the $17.50 and $17.75 resistance levels. AVAX Price Could RallyAfter forming a base above the $15.00 level, Avalanche’s AVAX started a decent increase, similar to bitcoin and ethereum. There was a clear move above the $16 and $16.50 resistance levels. However, the bears were active near the $17.75 and $18.00 levels.
The last swing high was formed near $17.94 before the price trimmed gains. It retested the $16.40 zone. A low is formed near $16.35 and the price is now rising. It broke the 23.6% Fib retracement level of the downward move from the $17.94 swing high to $16.35 low.
AVAX price is now trading above $16.20 and the 100 simple moving average (4-hours). There is also a key contracting triangle forming with resistance at $17.75 on the 4-hours chart of the AAVE/USD pair.
On the upside, an immediate resistance is near the $17.15 zone. The next major resistance is forming near the $17.35 zone. It is close to the 61.8% Fib retracement level of the downward move from the $17.94 swing high to $16.35 low.
Source: AVAXUSD on TradingView.com
The main resistance is still near the $17.75 and $18.00 levels. If there is an upside break above the $17.75 and $18.00 levels, the price could surge over 10%. In the stated case, the price could rise steadily towards the $20 level.
Dips Limited in Avalanche?If AVAX price fails to continue higher above the $17.75 or $18.00 levels, it could start a downside correction. An immediate support on the downside is near the $16.50 level.
The main support is near the $16 zone. A downside break below the $16 level could open the doors for a fresh decline towards $15. The next major support is near the $14 level.
Technical Indicators
4-hours MACD – The MACD for AVAX/USD is slowly gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for AVAX/USD is now near the 50 level.
Major Support Levels – $16 and $15.
Major Resistance Levels – $17.35, $17.75 and $18.
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