Avalanche (AVAX) Price Surges 12% in Last 24 Hours, Crosses Key Resistance Level
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- After hitting a high of $127.23 on December 22, the price has been downward.
- The token must rise above its recent swing high of $95.12, to affirm a bullish prognosis.
Avalanche rose over its 20-50-200 SMA with an eye on the $91 mark and ultimately achieved it as Bitcoin approached the $44,000 milestone. The price of Avalanche (AVAX) rose dramatically on Tuesday, building on gains from the previous session. While AVAX is still at recent highs, it has recovered about 76% from its January lows of $53.0. The price could not break through the critical resistance level for the last several days but finally managed to get past it.
A green candlestick suggests that the bulls have the confidence to break through the bearish sloping line. To affirm the bullish prognosis for the pair, the token must rise above its recent swing high of $95.12. However, if the bullish mentality shifts, the price might go below the 50-day SMA of $86.39 in instant response to the increased selling pressures.
Technical Indicators Showcases Bullish Momentum
After hitting a high of $127.23 on December 22, the price has been downward. The Avalanche (AVAX) price fell below the 200-Simple Moving Average (SMA) at $64.88 on the daily chart.
Further declines to the swing lows of $42.0 are possible if the price falls below the 200-day Simple Moving Average (SMA) at about $65.0. Price is trading at the 58 mark on the Daily Relative Strength Index (RSI), which indicates that additional gains are possible. While OBV remains below December’s highs, it continues to advance as the price consolidates ahead of the next run-up.
According to CoinMarketCap, the Avalanche price today is $94.29 USD with a 24-hour trading volume of $1,448,998,737 USD. Avalanche has been up 11.78% in the last 24 hours. The current CoinMarketCap ranking is #9, with a live market cap of $23,127,688,340 USD.
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