The AVAX coin displayed an incredible rally in its chart, where the coin price has grown around 110% in just one month. The coin price is currently busy making new higher highs as the price action has not shown any reversal sign. A positive piece of news that would have favored the AVAX coin would be Delottie using the Avalance blockchain to build a better disaster relief platform.
Key technical points:
- The AVAX coin price obtains good support from the 50 EMA line
- The daily RSI line refuse to rally like AVAX price
- The intraday trading volume in the AVAX coin is $1.75 Billion, indicating a 9.73% loss.
Source- AVAX/USD chart by Tradingview
On November 7th, the AVAX coin provided a proper confirmation for resuming its uptrend when it broke out from the previous swing high of $79.1. The coin initiated a strong rally, and till now, it has surged 50% from the breakout point.
The coin price has reached the 1.0 Fibonacci extension level and suggests the next resistance level at the $148(1.414) mark. Moreover, the 50 EMA line provides strong support to the coin price and indicates bullish alignment in the crucial EMAs(20, 50, 100, and 200)
The Relative Strength Index(75) indicates that the coin price is currently under a bullish sentiment. However, compared to the coin’s price action, the RSI line has not provided significant growth.
AVAX/USD Chart In The 4-hour Time Frame
Source- AVAX/USD chart by Tradingview
The AVAX chart showed the price gave a bullish breakout from a rising parallel channel in the 4hr time frame chart. A bullish breakout of such patterns indicates, even more, buying pressure from the market participants.
Now, the Resistance trendline should act as a good support level, and by displaying good demand pressure at this level, the coin traders should get an entry opportunity.
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