AVAX price manages to pause the previous session’s losses as it continues to float above vital support of $70.0. But the upside is apparently capped by the 50-day Exponential Moving Average (EMA) at $80.0. Thus making it a crucial level to trade.
- AVAX price trades with modest gains on Friday.
- The price moves along with the ascending trendline.
- An ascent of 30% on the cards if $80.0 crossed on daily basis.
As of press time, AVAX/USD is trading at $75.12, with 1.65% for the day. The 10th largest currency by market cap holds 24-hour trading volume at $1,356,180,252.
AVAX price remains resilient near the crucial support level placed at $70.0. Further making an attempt to move higher with rising volumes.
The ascending trend line, which extends from the lows of $53.0 acts as a support for the bulls. The trend line tested twice with buying pressure emerging near the lower levels. This time too AVAX price revisits the bullish slopping line. However, the price needs to cross the 50-day Exponential Moving Average (EMA) at $80.0 to move further higher.
A decisive close above $80.0will pave the way toward a March 1 high of $90.98. Next, the market participants will aim for the $98.77 horizontal resistance level.
If the buying pressure remains consistent then in total AVAX price observe an ascent of 30% from the current levels.
On the flip side, a spike in sell order could break the critical support of $70.0. The immediate downside is placed at $60.0.
Technical indicators:
RSI: The daily relative strength index is trading along with the average line with no clear bias. Currently, it is reading at 48.
MACD: The Moving Average Convergence Divergence is hovering below the average line with receding bearish momentum.
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