Avalanche (AVAX) Breaks $116 Resistance, Targeting $119 Next
- AVAX displays bullishness today.
- The closest resistance stands at $119.
- Avalanche’s support locates around $110.
Avalanche (AVAX) rides bullish waves today as the alt broke past the critical resistance of $116. AVAX kick-started the latest bullish run on December 14. That’s after declining for about three weeks before hitting ATH on December 13. Today, the token’s bulls stepped up as the alt surged to $117 from $113. That way, it cracked past the $116 resistance amid overwhelming bullish momentum.
AVAX/USD Daily Chart – Bulls to Overpower Bears Cap at $119
According to the 1-day price chart, AVAX/USD tagged the $117 mark as its hovers at $117.23 at this publication. The pair has gained more than 13% within the past day and 50.2% profits within the last seven days as Avalanche maintained an upward trend amid positive market sentiment. Also, the asset’s market capitalization surged by 11.39% overnight. Moreover, AVAX’s trading volume climbed by 96% during the same period.
Bollinger bands indicated high volatility as the top band around $120 represented AVAX’s resistance, and the lower one at $73 makes the $97 average, signifying the support zone. Meanwhile, the MA stands under the price level at $103. The RSI (59) remained on an up-slope, showing buying action in the market as Avalanche price receives additional support.
More Technical Indication and Recent Developments
The four-hour chart shows the token approaching the overbought condition as buying activities continue. The price function has remained upward over the past 16 hours after a considerable correction for 40 hours following bears’ intervention. However, bulls gained strength again, and AVAX moved up since the previous session’s second half, recovering the entire lost price as the coin reclaimed $117.
The 4hr chart shows comparatively high volatility for Avalanche while Bollinger bands expand. The top Bollinger band at $119 showed resistance, as the lower one at $102 forms the $111 average, representing Avalanche’s support. The moving average stands at $109. Moreover, the RSI wavers around the overbought area, though within the neutral territory at 66. Also, the Relative Strength Index has an upward curve, confirming sustained buying activity.
Avalanche depicts bullishness today and can continue its upward journey past $119. More bullishness will push the alt beyond $121 resistance. However, some retracement period exists in between the range.
Editorial credit: Ira Lichi / shutterstock.com
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