Avalanche’s (AVAX) price is advancing on the first day of the fresh trading week. AVAX forms a bullish technical formation at least in the short term as the price respects the critical support around $70.0. Recently, it surged 25% but met with sell-offs near the bearish sloping line resulting in a minor retracement.
- Avalanche (AVAX) price edges higher on Monday.
- Expect more gains if the price closes above 50-day EMA at $81.73.
- AVAX faces multiple rejections near the descending trendline from the swing highs of $98.79.
AVAX looks for the upside
On the daily chart, after retracing 22% from the highs made on March 1 at $90.89, AVAX’s price is gaining a strong foothold above $70.0. More upside pressure is required to set the directional basis.
A decisive close above the critical $76.0 mark will bring the first resistance at 50-day EMA (Exponential Moving Average) at $82.66 in play.
Next, market participants would seek further gains toward the descending trendline at $85.0.
Alternatively, a spike in sell order will drag the price lower with immediate support at the session’s low at $70.0.
In case of an extended sell-off, LUNA price could test lows of $64.53 made on February 24.
Technical indicators:
RSI: The daily Relative Strength Index (RSI) is making effort to pierce the average line while reading at 46.
MACD: The Moving Average Convergence Divergence (MACD) is hovering below the midline with a neutral bias.
OBV: The On Balance Volume is rising along with the ascending price action.
AVAX price is trading lower since the beginning of its massive correction move in late November 21. As of publication time, AVAX/USD is trading at $76.0, up 4.83% for the day.
