AVAX Technical Analysis: Uptrend Skyrockets With Aims To Reach $100
AVAX is the token of origin of Avalanche. The token is a hard-capped precious asset used to pay fees, safeguard the platform with staking and also serve as a fundamental account unit between the various subnets that are created on Avalanche.
The latest data released by Analytics platform DeFi Llama shows that Avalanche currently has $10.67 billion of total value locked (TVL) after a surge of more than 18% over the past seven days. This smart contract-based platform may soon surpass its record-breaking high in TVL of almost $13.8 billion in the early days of December.
Let us move ahead to read about Avalanche technical analysis.
Past Performance of AVAX
The AVAX coin price shows a sharp growth above th $75 horizontal zone and the highly influential resistance trendline. The rally breaks above the sellers-dominated areas with a price jump of 30% in the past week. The price jumps comes after our technical analysis forecasting a bull run to the resistance trendline. Furthermore, a retest of the trendline breakout will increase the chances of a bullish continuation.
AVAX Technical Analysis
The AVAX coin price shows a triple white soldier pattern as it breaks above the resistance trendline. Therefore, traders can expect the bullish rally to show a 15% to 40% jump in the upcoming days and breach the $100 mark.
The recent higher price rejection in the previous daily candle fails to close above the super trend indicator. However, the increased proximity can shortly showcase a bullish reversal shortly.
The DMI indicator shows a sharp bullish trend reversal as the +DI spikes above the -DI and heads higher above the 30% mark. Moreover, the gradual rise in the ADX line reflects a rise in the trend momentum.
The MACD indicator shows a rise in the fast and slow line after the bullish crossover as they strive to reach the zero line mark. Moreover, the steady growth of bullish histograms represents the growth in buying pressure.
Therefore, the prce action and the technical indicator forecast a post-retest bull run that can breach the $100 mark.
Upcoming Trend
The AVAX coin price action shows a 3.60% downfall in the past 24 hours, but the recent bullish recovery covers a significant distance in the past week. However, the price is still 40% below its all-time high near $145.
Nonetheless, the post-retest rally may find opposition near the $100 and $125 marks. However, if the price succumbs under bearish pressure, the support levels are at $75 and $60, below the trendline.