- AVAX has posted a gain of 1.43% over the last 24 hours.
- The price of AVAX is currently $24.56, according to CoinMarketCap.
- If the 9 EMA crosses above the 20 EMA on the 4-hour chart then we could see the price of AVAX retest at $27.00.
Number 15 on CoinMarketCap’s list of the biggest crypto projects by market cap, Avalanche (AVAX) posted 24-hour gains over the last day.
In the last 24 hours, AVAX’s price has risen to $24.56, which is a 1.43% gain in price over the last day. The 24-hour performance of AVAX’s price has also elevated the coin’s performance over the last week as the coin is up 1.65% in the last 7 days.
AVAX price resting on the $24.60 level (Source: CoinMarketCap)
Looking at the 4-hour chart for AVAX/USDT, the price of AVAX is currently lingering around the $24.60 level. Furthermore, the price is also hovering around the same level as the 9 and 20 Exponential Moving Average (EMA) lines.
These lines are also looking to cross each other on the 4-hour chart as the 9 EMA looks to cross above the 20 EMA line, which is a bullish flag. If we see this event occur, we would see a mini bullish rally for AVAX.
The last most recent time that the 9 EMA line crossed above the 20 EMA line, the price of AVAX pumped from around the same level to $27.00 – a 9.3% move. However, the price retraced just a few hours after it reached the level to fall back down to $23.00 before recovering back to the current level.
Over the last 3-4 days, the price of AVAX has consolidated around $24.60 as price movements have not seen the price deviate from this level over the time period.
Should the 9 EMA cross above the 20 EMA line, we could see a small rally for AVAX. However, the main difference between this potential EMA cross and the previous one – which saw the price test at $27.00 – is that there was a build-up to the spike as the gradient of the EMA’s foreshadowed a more convincing move than the current situation for the 2 EMAs.
Nevertheless, if there is a rally, AVAX will look to test the next critical resistance level of $25.00. If it breaks past $25.00, then the price of AVAX will have to target $27.00 next. However, it does not seem that there is enough build-up for a bullish rally to occur now that will break past the $27.00 level.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.