Avalanche (AVAX) Breaks Out From 55-Day Resistance Line, Looking to Break $100
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Avalanche (AVAX) is dealing within an influential horizontal and Fib resistance level. Whether it breaks out from it or gets rejected will possible determine the direction of the future trend.
AVAX has been decreasing alengthyside a decreasing resistance line since spreading to an all-time strong rate of $147 on Nov 21. The line has rejected the rate thrice so far (red icons), more recently on Feb 10.
While following the line, AVAX realized a low of $52.95 on Jan 22. The low served to approve the $62 field as support. This is both a horizontal support range and the 0.618 Fib retracement support level while measuring from the July 2021 lows.
The price has been moving ascendings since and managed to break out from the line on Feb 15. It is directly exchanging close to the $95-$100 field, that is both a horizontal and a Fib resistance level.
Cryptocurrency trader @Traxer_X0 tweeted a chart of AVAX, stating that the cryptocurrency is possible to get rejected close to the $100 resistance field. Since the price has presently realized this field, a closer look at technical indicators is required in order to determine if it will finally break out.
Ongoing breakout
Technical indicators show a neutral/bullish trend. In the bullish side, the RSI has barely changed over 50. This is treated a sign of bullish momentum. Nonetheless, the previous time it occurred (green circle), it only led to a failed breakout and a sharp turnaround sinces.
The MACD, that is created by a short- and a lengthy-term moving average (MA), is growing but is not positive yet. This means which throughout the time the limited MA is accelerating relative to the lengthy-term one, it is also not faster than it.
The six-hour chart further gives combined readings. While both the MACD and RSI are skyward, both have genecostd bearish variances, that are more pronounced in the former.
In addition to this, the importance of the $95 resistance field is strengthened, afterward it is shown to be a horizontal resistance level tested twice prior.
On the other hand, AVAX seems to be following an spiraling support line.
Due to the united signs, whether AVAX manages to break out over the $95 resistance or breaks down from the surging support line instead will possible determine the direction of the future trend.
AVAX/Bitcoin (BTC)
The AVAX/Bitcoin (BTC) pair shows a nearly identical change, afterward the cost has broken out from a decreasing resistance line, but is struggling with the 214,000 resistance range.
Whether it manages to convert it or gets rejected will reasonable determine the direction of the next change.
For CryptCraze’s latest Bitcoin (Bitcoin (BTC)) analysis, click here
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