- Market performance hints that sentiments are becoming increasingly bullish for AVAX.
- AVAX is poised to make a climb to $50 as bulls gear up for a mild resurgence.
Avalanche’s (AVAX) price trend is showcasing signs of a rebound, with the token printing a modest 12.56% over the past month. This northbound movement indicates a clear response from buyers, indicating their intent to influence the price trend positively, particularly above significant technical thresholds.
This trend is visible in the coin’s extreme Greed score of 80 and its bullish sentiment. Market participants are in for a potential resurgence as AVAX progresses towards re-establishing itself above the 50-day exponential moving average (EMA), currently at $48.86.
This movement suggests a growing appetite for recovery among market participants. The 4-hour chart and other market indicators provide a clearer insight into AVAX’s current positive momentum.
AVAX Rallies in 4-Hour Frame, Approaching the Critical $50.0 Mark
Avalanche (AVAX) 4-hour chart reveals a gradual northward movement, with AVAX currently trading around $48.67, as investors tilt to the bullish prediction. In addition, the Exponential Moving Averages (EMA) exhibit a positive crossover. Meanwhile, the shorter EMA is rallying, suggesting the initiation of a bullish phase.
Similarly, the Awesome Oscillator (AO) is green, mirroring increased pressure from buyers. However, the arroon indicator fluctuates, with the blue line (Arron up) below the 50% mark, while the orange line (Arron up) shows a dip. This implies a weakening downtrend but potential consolidation before a confirmed uptrend.
According to these technical indicators, AVAX could test the $50 resistance level. However, this is contingent on sustained bullish momentum, with support solidifying around $47, acting as a rebound point during short-term pullbacks. Moreover, traders may watch for closes positioned above the EMAs to confirm the bulls or a dip below support levels for market reassessment.
Projections AVAX varies, with optimistic projections setting a target of $70.8, conditional upon overcoming the $61.20 barrier. On the other hand, a more reserved outlook anticipates a retracement to $38.90, which should support $44.47.
AVAX’s support is currently at $44.47, with further dips potentially cushioned at $38.90. Conversely, resistance levels are keenly eyed at $61.20, beyond which lies the ambitious target of $70.08. At report time, MATIC trades for $49.88, while monthly losses hover around 18%.