Avalanche (AVAX): OBV Indicator Suggests Upside Breakout to $123

Avalanche price saw increased bullish demand over the past few sessions. The alternative token gained 23% within the previous two weeks. Meanwhile, the recovery surge outgrows the symmetrical triangle formation, highlighting an upside breakout. Should you invest amid the bullish breakout?

Vital Points

  • AVAX chart indicates a golden cross between the 50DMA and 200DMA
  • The daily on-balance volume slope trended high.
  • AVAX’s intraday trading volume stood at $1.3 billion, reflecting a 30.63% increase.

An ascending trend-line backs the new high lows by AVAX’s recovery rally. The latest bullish cycle from the support of $66 had the alt gaining 45% towards the $96 mark. Avalanche gained 6.3% today, teasing an upside breakout from an ascending triangle setup.

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Nevertheless, sellers have actively defended this mark within the previous two months. Thus, buyers require massive strength to overcome this resistance barrier. Success will see the buying pressure accelerating, pumping the alternative coin towards the resistance of $123.

Contrarily, sellers pushing the alt beneath the resistance of $96 will mean a rejection, translating to a 20% crash towards the support trend-line.

Nevertheless, AVAX price actions would resonate inside the ascending trend-line for a couple more sessions.

AVAX/USD 1Hr Chart

Avalanche’s 1-day chart shows the altcoin will urge today. The altcoin rides bullish waves, changing hands around $99.63 at this publication, following a 6.19% 24hr gain. Moreover, the pair stays 16.56% up within the past seven days.

Meanwhile, AVAX hourly analysis suggests a potential upsurge in the coming few hours. Analysts remain confident about a move beyond $100.37 today. Moreover, the altcoin can extend the surge towards the $110 value region before eying $123. Also, the previous four hours saw the momentum magnifying.

Avalanche Technical Indicators

The recovery actions trigger reversals in the 50DMA that could shortly cross beyond the 200DM, leading to a golden crossover. A golden cross will see buyers sabotaging the previous death cross, amplifying the bullish attention.

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The on-balance volume indicator slope rallies with new higher lows and higher highs, indicating market players are excited to complete the bullish setup.

Resistance zones – $100, then $125

Support zones – $78, then $66

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