By Solomon Odunayo
What for Buyers as Avalanche (AVAX) Approaches Resistance Region
Avalanche (AVAX) maintained bearishness throughout May. However, improvements during the past weekend saw the token flipping the resistance at $24.14 to support.
Furthermore, AVAX continued higher, eyeing $28 amid increased demand in the marketplace.
The previous day saw Bitcoin pushing past the range at $28.7K – $30.6K as the bellwether crypto climbed to $31.7K. For now, BTC has resistance at $32.6K, beyond which it might sail towards $35K.
Upside moves appear possible after the crypto consolidated around $30K for two weeks. Strength at $35K would open the road to $36K – $38K.
Avalanche 2Hr Timeframe
May 12 sessions had the price plunging towards $23.51 before rebounding towards the $36.8 highs. Nevertheless, AVAX maintained downtrends within the past fourteen days, falling below the support barrier at $24.14.
Nevertheless, the situation changed during the weekend when Bitcoin resurged from its $28.3K range lows. Avalanche rose through the charts as BTC charted impressive upswings.
Impressive leg ups saw AVAX flipping $24.14 to foothold and climbing towards the resistance of $28 at this publication. Keep in mind that $28 served as support last week, and Avalanche toppling to overturn it into support will translate to uptrends towards $36.
Reasoning
The Relative Strength Index (RSI) surged beyond the 50 neutral, confirming a bullish bias for AVAX momentum. Moreover, the indicator steadies beyond 60 for some days, affirming stable strength.
Also, the on-balance volume rose over the past couple of days. Buyers await a break of two lines on OBV’s lower timeframes. That would show impressive buying strength and demand behind Avalanche’s upside trajectory.
Final Thought
Though AVAX explores upswings, bias on the higher timeframes remained pessimistic. Nonetheless, the altcoin boasts more upside potential before continuing its downtrends on the higher timeframes.
Nevertheless, lower timeframes saw the trend flipping to bullish. Enthusiasts can use a move past $28 plus a retest as a foothold to execute long positions, eyeing $31.6 and the resistance at $35 – $36.
Moreover, investors should watch broad market and Bitcoin reactions. For now, BTC bulls seem dedicated to uptrends. Bitcoin gained 3.58% within the past day to $31,764. Maintaining the upside momentum in the near term would support Avalanche’s upside goals.
Editorial credit: Vector-3D / shutterstock.com
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