Despite the crypto industry experiencing a significant correction in value, the Avalanche price has added over 15% to its portfolio within the past 24 hours, making it one of the top gainers of the day.
The AVAX price traded in a narrow space between $16.49 and $19.07 for over a week, following which the price gained momentum and broke out of the range.
The rally was short-lived as the price faced rejection at $23.97, after which the price traded in a consolidated range between $19.07 and $23.97 for three weeks. As the market gained momentum, the price regained power, resulting in a price pump.
Avalanche price hovered close to its resistance level of $27.46 for a while. After this, the price displayed a jump of 28% before facing rejection at $35. After multiple attempts, the bulls successfully broke out but hovered close to its support/resistance level at $35.
Recently, the price has displayed a jump of over 15%, resulting in it achieving a new yearly high.
The technical indicator, MACD, displays a constant green histogram for almost a week, indicating an increased buying-over-selling pressure in the market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming days.
Will AVAX Price Go Up?
If the bulls hold the price above the support level of $40.01, the price will regain momentum and prepare to test its resistance level of $42.50 soon.
Maintaining the price at that level will set the stage for Avalanche to attempt to test its upper resistance level of $45 in the coming days.
Conversely, if the price fails to break out of the upper level of $42.5, the AVAX price will lose momentum and prepare to test its support level of $40. Moreover, if a trend reversal occurs, it will plunge further and prepare to test its lower support level of $35 by the month-end.
