Avalanche (AVAX) maintains its positive outlook after setting an all-time high at $81. According to technical analysis by Cryptopolitan’s Sergio Goschenko, the dips may remain shallow, though the price drops a little to test the support at $76.7.
According to the analyst, there is currently an ascending channel and the price is making higher highs and higher lows. On the 1-day chart, there is resistance at $82 and support at $76.7.
RSI above 50 may indicate a forward uptrend. The MACD indicator does not show any deviations from the price. This can be seen as a signal that the uptrend will continue in the future. Today is the fifth day of uninterrupted bullish momentum, and the value of the currency has increased by over 115% during that time.
In the future, the bulls are likely to move towards the $82 resistance level. The 1-day chart for AVAX/USD shows that the price is currently at support, which seems like a hurdle for the bulls.
On the other hand, the bullish momentum may not go anywhere anytime soon as the price makes higher lows and higher highs. If the bulls continue to perform well, they will likely push the price up to $82 first.
Bears in Danger of Losing Their Position
The daily chart of the AVAX/USD pair shows us two things: First, the bulls are on the attack and second, if the bears can’t keep up, they could lose their positions.
The RSI on the chart does not indicate a downtrend, pointing to the fact that there is still room for the bulls to gain more ground. However, the bears may lose their grip on the AVAX/USD pair if they fail to push the price towards the $77 support level.
Result
Avalanche (AVAX) is trading at $78 after setting a new record at $81. However, the RSI points to a slowdown in the bullish trend and a short-term pullback may also be possible if selling pressure begins. If the bullish momentum continues and the price stays above $76.5, traders can expect a new record.
