Avalanche (AVAX) has been gaining momentum, surging past the $28.65 resistance level. The question now is whether it can maintain this upward trajectory and break through the critical $30.00 resistance zone.
Recent Developments
AVAX has shown promising signs, moving higher from the $27.40 support zone against the US dollar. It has successfully broken above a key declining channel with resistance at $28.40 on the hourly chart. The current trading price is above $28.65 and the 100-hourly simple moving average.
Potential for Further Growth
If AVAX can hold its position above the $28.65 and $28.50 support levels, the outlook for continued growth is optimistic. A clear move above the $30.00 resistance zone could trigger a significant rally, potentially pushing the price towards $32.50 or even $34.00.
Risks and Downside Potential
However, if AVAX fails to maintain its momentum and struggles to break through the $30.00 or $30.50 levels, it could face a downside correction. Immediate support lies near the $29.35 level, with the main support zone around $28.65 and the 50% Fib retracement level of the recent upward move.
A break below the $28.65 level could lead to a drop towards $28.00 and the 100 simple moving average (4 hours). Further downside pressure could push the price towards the $27.40 level, a crucial support zone for AVAX.
July 2024, Cryptoniteuae