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The currency AVAX has recently seen a price rally of over 50%, climbing above $22.50. Despite the possibility of an upcoming minor correction, there are indications of potential continuous growth past the $25 benchmark. Showing consistent positive signs above the $20 level in relation to the US dollar, and trading above $22 with a simple moving average of 4 hours past 100, AVAX illustrates a promising position in the market.
A key bullish trend line is forming, suggesting potential further growth with support establishing near $20.50 on the 4 hour chart of the AVAX/USD pairing, data sourced from Kraken. Predictions suggest the currency will continue to rise if there is a discernible move past the resistance levels of $24.50 and $25. After AVAX successfully established a base above the $10 level, it began a major rally, significantly outperforming both Bitcoin and Ethereum. There was a noticeable move past the $15 and $20 resistance levels, resulting in a 50% gain in a matter of days.
The multi-week high capped near $24.70 with the price currently consolidating gains. Despite a slight decline, the bullish momentum remained strong above the $20 mark reflecting positivity. Looking ahead, major resistance is forming near the $25 zone. If the price manages an upward break beyond the $24.50 and $25 levels, a surge of over 20% could occur potentially leading the price steadily towards the $30 level. If for any reason AVAX fails to continue its climb, a downside correction suggested with immediate support on the downside being around the $22.50 mark.
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