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01/07/24
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Technical Outlook on the Performance of Avalanche (AVAX)
The chart of AVAX/USD shows that there was a steady move to the downside where AVAX was able to secure support close to the $25 area. The activities of the bears prompted the formation of a support base above $52, followed by the bulls initiating a new move to the upside.
The price of AVAX increased by more than eight percent as the bulls were able to push it past numerous barrier levels close to $28.5. A look at its 1-hour chart shows that it broke past a major bearish channel with a barrier level at $28.4. AVAX was pushed clearly past the barrier level at $29.4 for entry into a positive area.
The same chart shows that its current performance is at levels above $28.5, as well as above the 100 hourly SMA. There are signs of potential upside moves past the 23.6% Fibonacci correction level of the upswing from $27.37 swing low to $29.95 high.
The next barrier level is close to $30 on the way upwards, while the immediate key barrier level is being formed close to the $30.5 area. If XRP breaks past $30.5, the bulls may be able to initiate more upside moves. In such a situation, there could be a steady upside move towards $32.5, and then to $34.
On the other hand, the failure of the bulls to push AVAX past $30 or $30.5 may empower the bears to initiate a new move to the downside. The next support level on the way downward is close to $29.35.
The key support level is close to the $28.65 area, as well as near the 50% Fibonacci correction level of the upswing from $27.37 swing low to $29.95 high. If XRP breaks beneath $28.65, the bears may be able to pave the way for a downside move towards $28, as well as towards the 100 SMA. The immediate key support level is close to $27.4.
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