The crypto market is presently trading under a strong bullish influence, resulting in major tokens gaining significant value in their portfolios. Further, Avalanche has successfully achieved its year target by breaking the key barrier of $30. The increasing activity and aggressive nature of bulls is considered to be the prime reason for this run.
The AVAX price traded in a closed space between $10.96 and $13.18 for a brief period, following which the price gained momentum and broke out of the range. The AVAX price then displayed a jump of 45% in value before facing rejection at $19.07.
After experiencing price fluctuations for a short period, the bulls regained momentum and broke out of their resistance level at $19.07, but the rally was short-lived as the price was restricted at the resistance level of $23.97.
Avalanche token traded in a consolidated range between $19.07 and $23.97 for more than three weeks, indicating a weak buying and selling pressure in the market.
Recently, the price gained momentum and recorded a jump of 15%, resulting in the price breaking out of its key resistance level. The price hovered close to its resistance level of $27.46, following which the coin displayed another jump of 18%.
The technical indicator MACD displays a significant rise in the histogram, indicating an increased buying-over-selling pressure in the market. Further, the averages show a sharp rise in the chart, suggesting the price will continue gaining value in the coming days.
Will AVAX Price Go Back Up?
If the bulls hold the price above the support level of $30, the price will continue to gain momentum and prepare to test its resistance level of $35 soon.
Maintaining the price at that level will set the stage for Avalanche to attempt to test its upper resistance level of $40 by the month-end.
Conversely, if a trend reversal occurs, the price may lose momentum and fall to test its support level of $27.46. Moreover, if the bears overpower the bulls, it will plunge further and prepare to test its lower support level of $23.97 in the coming days.
