AVAX/USD is producing an intriguing upwards trend the past nine days of trading, and as of this morning is approaching important resistance again.
AVAX/USD is trading above 88.0000 mark as of this writing and is testing important short term resistance, after experiencing a short lived but rather strong reversal lower late last night. On the 19th of March, AVAX/USD was trading near 92.2000 which challenged marks last seen late in February. Avalanche did trade near lows of 65.0000 on the 14th of March, but has been able to show a rather steady incremental climb since this date.
The broad cryptocurrency market among the major digital assets has shown signs of life too in the past week. Support levels while getting tested by existing nervous sentiment do seem to be proving durable. AVAX/USD has been among the leaders indicating that buying action may be gathering steam. Yes, mid-term resistance levels have still failed to be toppled, but they are being approached and this may prove to be a trigger for bullish action igniting.
If the 89.000 AVAX/USD level can be tested in the short term once again, this may signal additional highs could be demonstrated quickly. Certainly reversals lower remain in the minds of nervous traders, who have had bad experiences the past handful of months while pursuing a positive turnaround in the broad cryptocurrency market. However, from a speculative point of view the ability of Avalanche to produce incremental gains on a rather steady basis the past week and half is encouraging.
The trend higher will have to see important support levels sustained, but if AVAX/USD can stay above the 87.5000 juncture this could be a positive sign. Early morning price action in Avalanche has provided traders with a typical amount of volatility. The 83.0000 level got tested late last night, but the ability to hold this juncture and not drop below depths seen on the 18 of March, when AVAX/USD was trading below 80.0000 may be seen in a positive light. Certainly AVAX/USD remains a volatile cryptocurrency to wager on, but its recent price action may be enough to provide speculators who are bullish with some positive ammunition regarding their outlooks.
If current support can be maintained and the 87.0000 level does not falter, AVAX/USD speculators who are conservative may be able to buy Avalanche on slight reversals lower to ignite their buying positions. The recent trend in AVAX/USD is not full proof, risk management and a conservative amount of leverage need to be used. However, looking to buy AVAX/USD for quick hitting moves higher may prove to be worthwhile in the near term.
Current Resistance: 88.7900
Current Support: 87.6900
High Target: 91.5600
Low Target: 86.1300