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Vikram
Feb 16, 2022
by Vikram

AVAX Technical Analysis: 20% Growth Now Challenges $100 Mark

AVAX
The AVAX coin price surpasses the highly influential resistance trendline that has been in action since November 2021. The sudden bullish growth approaches the $100 resistance zone and may soon overcome surpass it as the buying pressure increases. Is this the best buying opportunity or should you wait till the $100 breakout?

Key technical points:

  • The coin price breaks above the $100 mark.

  • The Stochastic RSI indicator gives an early bullish crossover. 

  • The 24-hour trading volume in the Avalanche token is $1.39 Billion, indicating a 50% rise. 

    • Past Performance of AVAX

    AVAX coin price trades at $93.09 with a price jump of 10.53% in the last 24 hours, resulting in a bullish engulfing candlestick that surpasses the resistance trendline. The price rallies higher from the support trendline as we mentioned in our previous article. Moreover, the price sustains above all the crucial EMAs in the daily chart.

    TradingView Chart

    AVAX Technical Analysis 

    The AVAX coin price gives a bullish breakout of the symmetrical triangle in the daily chart. This comes with a sudden price jump resulting in a V-shaped reversal. However, the trend needs to overcome sellers at $100 for a bullish continuation.

    The Avalanche coin price breaks above the crucial 50-day EMA and continues to head higher. Hence, with the bullish alignment of the 50,100, and 200-day EMAs the trend reflects a highly bullish nature. 

    The DMI Indicator shows a sudden rise in the +DI line as it reverses to avoid the bearish crossover with the -DI line. Moreover, the small but significant growth in the ADX line showcases a rise in trend momentum. 

    The Stochastic RSI indicator showcases an early onset of the bullish cycle as the K and D line give a positive crossover in the neutral zone. Hence, the abrupt end of the bear cycle and the rising lines indicate a bullish trend reversal.

    In conclusion, the technical indicators reflect a sudden growth in buying pressure that may soon break above the $100 mark. 

    Upcoming Trend

    The AVAX coin price shows a bullish continuation above the resistance trendline and may soon approach the $100 mark. However, the upcoming trend depends upon the price action near the resistance zone. Hence, traders need to wait till the price breaks above the seller-dominated zone.

    Support Levels:$75 and $53

    Resistance Levels: $100 and $115

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    Avalanche AVAX
    AVAX Technical Analysis: 20% Growth Now Challenges $100 Mark
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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