Avalanche (AVAX) breaks above USD 100 towards all-time high

Avalanche (AVAX) shows the same signals as in October, just before the uptrend that led to the current all-time high.

Day outlook

As of December 4th, AVAX bounced three times from the horizontal support area of ​​$ 80 (green icon). Uptrends are important as they serve to confirm previous all-time highs for support.

The token then broke above the descending resistance line, confirming that the correction was complete. This line has been forming since the all-time high of $ 147 on November 21.

If AVAX hits a new all-time high, the next resistance will be at $ 187.5, created by the external fib retracement level at 1.61.

AVAX / USDT daily chart | Source: TradingView

Similar bullish move

Technical indicators are also increasing.

The MACD, formed by the short and long-term moving averages (MA), is in positive territory and rising. This means that the short-term MA is moving faster than the long-term MA and is a key element of an uptrend.

In addition, his histogram produced several consecutive higher momentum bars, further confirming the continuation of the uptrend.

Similarly, the RSI, a momentum indicator, has moved above the 50 line, which is the threshold used to decide whether the trend is bullish or bearish.

Both events last occurred in late October, just before the uptrend accelerated to an all-time high.

A similar upward move is underway so far.

AVAX / USDT daily chart | Source: TradingView

Future movement

Trader @PostyXBT tweeted the AVAX chart, saying the token is leading the market and is likely to climb to at least $ 140.

The source: Twitter

The short-term chart shows that AVAX will at some point succeed in approaching this price zone. It shows that the token is following an ascending line of support, with the most recent jump being on December 23rd.

In addition, it regained the USD 120 resistance and subsequently confirmed it as support.

Similar to the daily timeframe, the MACD has consistently produced higher momentum bars, a sign of a strong uptrend.

AVAX / USDT 2-hour chart | Source: TradingView

Here you can see the AVAX prices.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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