price action shows that the price is trying hard to sustain
The Avalanche price shows that the price rose from $10 and hit the previous supply at the $50 price mark by last week December 2024. The price thereafter lipped some points and formed a new support of $27 by the last week of January in the new year 2024.
However, the crypto showed a fabulous resurgence on this level, which took the price all the way up to $65 by jumping over the previous supply level.
The recent price action shows that the price is trying hard to sustain above the previous supply of $50 price level on the chart, which shows possible signs of accumulation of buying interest over the daily chart for more futuristic growth in the coming sessions.
The Avalanche asset is also exhibiting bullish potential, as the price is above the dynamic supports of 20-day and 50-day EMA bands, MACD is above the zero line at 3.31, and RSI is above the 50, these circumstances highlight that AVAX price is in the bullish zone and has not lost the steam yet, and could possibly jump more from the current price level support.
Therefore, if the price manages to successfully hold on to its current price level support, the next target could be $70, and beyond that will open a gate for new opportunities to come in the price levels.
But on the different side, there is a negative possibility, that if the price decreases beneath the previous supply, that is $50 price mark, a downtrend can begin, which will start to consume its earned gains over the daily chart.
However, the crypto showed a fabulous resurgence on this level, which took the price all the way up to $65 by jumping over the previous supply level.
The recent price action shows that the price is trying hard to sustain above the previous supply of $50 price level on the chart, which shows possible signs of accumulation of buying interest over the daily chart for more futuristic growth in the coming sessions.
The Avalanche asset is also exhibiting bullish potential, as the price is above the dynamic supports of 20-day and 50-day EMA bands, MACD is above the zero line at 3.31, and RSI is above the 50, these circumstances highlight that AVAX price is in the bullish zone and has not lost the steam yet, and could possibly jump more from the current price level support.
Therefore, if the price manages to successfully hold on to its current price level support, the next target could be $70, and beyond that will open a gate for new opportunities to come in the price levels.
But on the different side, there is a negative possibility, that if the price decreases beneath the previous supply, that is $50 price mark, a downtrend can begin, which will start to consume its earned gains over the daily chart.