Key Takeaways:
- AVAX price rallied over 50% in a few days and broke the $50.00 resistance.
- A major bullish trend line is forming with support near $48.00 on the weekly chart.
- The current technical structure suggests more upsides if Avalanche clears $62.00.
NEW DELHI (CoinChapter.com) — Avalanche (AVAX) started a fresh surge above $62.00 and $65.00. A close above $65.00 could send the price toward $75.00 or even $95.00.
Avalanche Price Starts Fresh Uptrend
In the past few days, we saw strong bullish moves in a few cryptocurrencies including SOL. While Ethereum and Bitcoin saw a minor pullback, SOL extended its rally above the $200 resistance. AVAX also started a steady increase after it cleared the $40 resistance.
The price cleared the 23.6% Fib retracement level of the downward move from the $146 swing high to the $8.63 low. Avalanche gained over 50% in a few days and settled well above the 50-week simple moving average (blue).
Today, AVAX gained over 15% and broke the $55 resistance zone. The current price action is positive, suggesting more upsides in the near term.
On the upside, immediate resistance is near the $62 level. The first major resistance is near the $65 zone. A close above the $65 zone could send AVAX price toward the $75 resistance or the 50% Fib retracement level of the downward move from the $146 swing high to the $8.63 low.
If Avalanche bulls clear the $75 resistance zone, the price could drift toward the $90 resistance. The next major resistance is near the $95 level. Any more gains might open the doors for a move toward the $100 resistance.
Fundamentally, Avalanche platform added a significant feature to their Subnet through their Blitz Battles competitions, providing access to 8 Million gamers.
Downside Correction In AVAX?
If there is a downside correction, AVAX might find support near the $55 level. The first major support is now forming near $50 zone. There is also a major bullish trend line forming with support near $48 on the weekly chart.
If the bulls fail to protect a close below the trend line support, the price might decline heavily. In the stated case, it could revisit the $35 support. Any more losses could send AVAX toward the 50-week simple moving average (blue) at $22.
Overall, AVAX’s price is gaining pace above the $60 level. The current price action is bullish, suggesting a fresh upward move toward the $75 level. If not, there could be a downside correction toward $50 or even $48.
