Avalanche Price Prediction: AVAX Jumps 7%; Keep Eyes On $120.0
AVAX price started the week on a higher note and continued to print the gains. The price faces resistance near three-month highs near $103.However, the downside risk remains limited as the current price action suggests strong buying momentum.
- AVAX price locks in meticulous gains on Saturday.
- Bulls aim for $120 on a decisive close above $102.
- The momentum oscillators tilt in favor of bullish sentiment.
AVAX price look for further gains
AVAX price is making efforts to continue moving north as tested the levels last in January. A strong green candlestick indicates the underlying bullish current in the asset. Next, if the price is able to breach the highs of March 5 at $106.59 then it would be easier for the bulls to march higher.
A resurgence in the buying pressure would push into a higher trajectory toward the psychological $120.0 level.
On the other hand, a shift in the bearish sentiment could result in the pullback in the price towards the lows of sessions at $96.07.
Next, a daily close below the critical $90.0 level would trigger a fresh round of selling in AVAX. The sellers would next aim for the 50-day EMA (Exponential Moving Average) at $82.55.
As of press time, AVAX/USD is trading at $102.65, up 6.34% for the day. The 10th largest cryptocurrency is holding the 24-hour trading volume at $1,718,502,769 as per the CoinMarketCap.
Technical indicators:
RSI: The Relative Strength Index traded above the average line since March 17. Currently, it reads at 70.
MACD: The Moving Average Convergence Divergence shows strong bullish momentum above the central line.
Trading volume: The On-balance volume reflects the force of demand-driven growth in the prices.
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