Analyzing AVAX Price Surge: Key Factors to Consider for Continued Uptrend

As AVAX price surpasses the $36.50 resistance level, investors are eyeing further potential gains, particularly if it breaches the critical $40.00 resistance zone.

AVAX has been on an upward trajectory from the $30.50 support zone against the US dollar.

Currently trading above $35.00 and the 100 simple moving average (4 hours).

A significant development was the break above a pivotal bearish trend line, with resistance noted at $34.00 on the 4-hour chart of the AVAX/USD pair (sourced from Kraken).

Sustained movement above support levels at $36.30 and $35.50 could pave the way for continued ascent.

AVAX Price Projected Upward

Following a period of decline, AVAX found solid support near $30.50 before initiating a fresh upward movement, reminiscent of Bitcoin and Ethereum's recent performance.

The price surge exceeded 10%, surmounting multiple obstacles around $35.00. Notably, the breakout above the bearish trend line and the 50% Fib retracement level of the prior downward swing from $39.83 to $30.58 were significant.

Presently, AVAX is trading above $36.50 and the 100 simple moving average (4 hours). Immediate resistance lies around the $37.65 mark, followed by the 76.4% Fib retracement level at $39.80.

A breakthrough above $39.80 could potentially trigger a surge of over 10%, propelling the price steadily toward $42.50 or even $44.00.

Support Levels Amidst Dips

In the event of AVAX price failing to extend gains beyond $37.65 or $39.80, a corrective move may ensue. Initial support awaits near $36.30, with stronger support at $35.20 and the 100 simple moving average (4 hours).

A breach below $35.20 might signal a more substantial decline towards $32.80, with the $30.50 level serving as the subsequent major support.

Technical Indicators Insight

4-hour MACD indicates increasing bullish momentum for AVAX/USD.

4-hour RSI suggests a favorable position, currently above the 50 level.

Key Levels to Monitor

Major Support Levels: $36.30, $35.20

Major Resistance Levels: $37.65, $39.80, $42.50

[NewsBTC Source: AVAXUSD on TradingView.com]

Join Telegram Channel For Daily New update: https://t.me/cryptotelegraphs_updates