Monday, March 4, 2024

AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

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AVAX price rallied over 50% and traded above the $40 level. Avalanche is now correcting gains, but the bulls might remain active near the $32 support zone.

  • AVAX price gained pace above the $30 and $40 levels against the US dollar.
  • The price is trading above $30 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $35.00 on the 4-hour chart of the AVAX/USD pair (data source from Kraken).
  • The pair could continue to rise if it stays above the $35 and $30 support levels.

AVAX Price Corrects Lower

In the past few days, Avalanche’s AVAX saw a strong increase above the $25 resistance zone. It gained over 50% and broke many hurdles near $30. It even cleared the $40 level before the bears appeared.

A new multi-month high was formed near $43.06 before the price started a downside correction, like Bitcoin and Ethereum. There was a 15% drop and the price traded below the $38 level. There was a move below the 23.6% Fib retracement level of the upward move from the $21.24 swing low to the $43.06 high.

AVAX price is still trading above $30 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $35.00 on the 4-hour chart of the AVAX/USD.

AVAX Price

Source: AVAXUSD on TradingView.com

On the upside, an immediate resistance is near the $38.00 zone. The next major resistance is forming near the $40.00 zone. If there is an upside break above the $38.00 and $40.00 levels, the price could surge over 10%. In the stated case, the price could rise steadily toward the $45 level.

Dips Limited in Avalanche?

If AVAX price fails to continue higher above the $38.00 or $40.00 levels, it could continue to move down. Immediate support on the downside is near the trend line at $35.

The main support is near the $32.00 zone or the 50% Fib retracement level of the upward move from the $21.24 swing low to the $43.06 high. A downside break below the $32.00 level could open the doors for a major decline towards $18.80. The next major support is near the $26.50 level and the 100 simple moving average (4 hours)

Technical Indicators

4 hours MACD – The MACD for AVAX/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for AVAX/USD is now below the 50 level.

Major Support Levels – $35.00 and $32.00.

Major Resistance Levels – $38.00, $40.00, and $45.00.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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