Avalanche (AVAX) Price Prediction: AVAX Aims For $100.0, Trades Above 200 SMA

By Rekha chauhan
February 16, 2022 Updated February 16, 2022
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Avalanche (AVAX) price gains remarkably on Tuesday while extending the previous session’s gains. AVAX has taken some breather near the recent highs after surging almost 76% from the lows of $53.0 in January. The price has been consolidating near the crucial upside barrier for the past few sessions.

  • Avalanche (AVAX) price trades higher on Tuesday.
  • Expect more upside above the bullish sloping line near $90.0.
  • AVAX has recorded an upside of nearly 76% from January’s low.

AVAX keeps a strong foothold on the daily chart

On the daily chart, Avalanche (AVAX) price hit new swing lows near $53.06 slicing the 200-Simple Moving Average (SMA) at $64.88. The price has been trading inside the downward trading channel after testing the highs of $127.23 on December 22.

Source: Trading View

A resurgence of the buying pressure produces a green candlestick that indicates bulls have the conviction to breakout above the bearish slopping line. The token must overcome the swing highs of $95.12 in order to confirm the optimistic outlook for the pair.

The immediate upside target is placed at the psychological $100.0 level. A decisive break above the mentioned level could seek the $120 horizontal resistance level.

On the flip side, a shift in the bullish sentiment could drag the price below the 50-day Simple Moving Average (SMA) placed at $86.39 in an immediate reaction to the renewed selling pressure.

Next, if the price fails to hold the foothold placed below the 200-day Simple Moving Average (SMA) around $65.0, the downside could be continued below the swing lows at $42.0.

Technical Indicators:

RSI: The Daily Relative Strength Index (RSI) trades at 58 with a bullish cross signaling the market has scope for further upside.

OBV: On The Balance Volume (OBV) holds below December’s highs but rises as the price consolidates for the current run-up.

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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