Avalanche (AVAX) started a decent increase from the $67.20 level on Feb. 22. The crypto asset then gained pace for a move towards the $82.50 on Feb. 23 before a slight retreat. At the time of publication, AVAX was trading at $75.55, up 5% in the last 24 hours. The Avalanche community has reached a new milestone as the official Twitter account of Avalanche reached 600,000 followers. Recent on-chain metrics point to growth in the Avalanche Ecosystem as AVAX ranks fourth biggest in total value locked (TVL) with Liquid staking growing. ZenLedger, a crypto tax software program that helps users determine their tax liability based on aggregate transactions, is now live on Avalanche.
Key Levels
Resistance Levels: $103.06, $93.78, $83.00
Support levels: $75.00, $67.29, $53.16
AVAX/USD Daily ChartAVAX/USD came close to surpassing the daily moving average (MA 50 and MA 200) and the $83.00 round number on Wednesday, remaining above the ascending trendline support in the medium-term. As per the relative strength index (RSI), the market might maintain positive momentum in the near term, sloping toward its neutral threshold of 50.
On the upside, the price could attempt to overcome the MA 50 at $80.50, which if successfully surpassed, could open the door towards the yearly high of $119.88. Should traders continue to buy the pair towards that peak, bringing the long-term uptrend back into play, resistance could then run towards the Dec. 2021 high at the $132.01 mark.
AVAX/USD 4-Hour ChartAVAX prices are in a declining mode after being unable to breach the 4-hour moving average (MA 50). The price also fell beneath the 4-hour moving average (MA 20) with the technical indicators suggesting a bearish correction. The relative strength index (RSI) in the short term is holding below the 50 midlines.
A reversal to the downside could stall at around support at $75.00 ahead of the intraday lows at $67.29. Alternatively, a successful climb above the MA 50 could add some optimism for a retest of the recent high of $98.77. Even higher, the $119.88 resistance taken from the peak in January 2022 may come into the spotlight.
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