The price of Avalanche (AVAX) is back in action, crossing the pivotal $50* mark once again. This surge highlights a refreshing recovery, as the cryptocurrency maintains a continuous upward trajectory while comfortably sitting above the *21-day simple moving average (SMA) support.
Long-term Outlook on Avalanche’s Price: Optimistic
The current trading trend indicates that AVAX is enjoying a stable position, trading comfortably above the $40* support level yet facing a resistance ceiling at *$55*. Just yesterday, prices were fluctuating as they approached this resistance, failing to break through despite valiant attempts. If the bullish momentum picks up, we could see *AVAX rallying back to a previous high of $65*. However, caution is warranted; if the altcoin slips below the *21-day SMA, it could see its value retreat closer to the *50-day SMA* or even fall to a low of $37*. Right now, *AVAX is trading at $52**.
Analyzing the Indicators for Avalanche
While AVAX has had its share of declines, the moving average lines are still pointing upward, signaling potential for further gains. On December *9, a bearish candlestick broke past the 21-day SMA, yet the bulls quickly stepped in, revitalizing the altcoin’s upward motion. Observing the *4-hour chart, we see price bars hovering above the horizontal moving averages, which is a positive indication of short-term performance.
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Key Technical Levels to Watch
For investors keeping an eye on Avalanche, notable resistance levels are set at $60* and *$70*. On the flip side, the vital *support levels are pegged at $30* and *$20**.
What’s Next for Avalanche?
According to the *4-hour chart, *AVAX is currently caught in a range between the $40* support and *$55* resistance. Although the altcoin has pushed above the moving average lines, it still finds itself tethered below that *$55* threshold. Interestingly, the appearance of *Doji candlesticks reflects a state of indecision among traders, which could eventually impact future momentum.
For those intrigued by Avalanche, this is a fascinating moment in its trading story. As always, conduct thorough research before making any investment decisions in this bustling cryptocurrency arena.
