Avalanche (AVAX) broke through the $106 resistance and was propelled into a very strong rally, setting new highs on a daily basis.
Support levels are as follows: $106
$160 is a key resistance level.
The price of AVAX has not stopped rising since it converted the previous resistance level of $106 into support. The bulls have complete control of the market, and the momentum is extremely strong. The next significant resistance level to consider is $160.
Indicators of Technical Performance
Trading Volume: The resistance was broken on a high volume. However, the current price increase appears to be accompanied by a decrease in volume. This is not ideal, but the momentum is still in favor of the bulls, at least for the time being.
The RSI on the daily timeframe is above 80, indicating a strong bullish presence. However, it is critical to exercise caution because if the RSI rises above 90 points and enters oversold territory, this could indicate a problem.
MACD: The MACD on the daily timeframe is bullish, with expanding moving averages and a histogram that is making higher highs. As long as this trend continues, there is little to stop AVAX from rising further.
AVAX’s bias is bullish and will remain so until the price encounters resistance.
AVAX Price Prediction in the Short Term
Given the recent corrections in BTC and ETH, AVAX’s breakout has surprised the market. As a result, there is a lot of interest in the cryptocurrency, which may propel it higher. At the moment, a tentative target of $160 is set, but the situation must be reassessed based on market reaction.