After a decisive slump in December, Avalanche (AVAX) and most cryptos have rebounded. Although momentum is starting to die down, we have seen some positive uptrend in recent weeks. But can AVAX sustain enough gains to surge beyond the $147 mark? This will take the coin to all-time highs. Well, before we get to the price action and analysis, here are some highlights:
Avalanche (AVAX) has in the last two days surpassed its 20-day EMA of $109, suggesting bullish momentum.
At the time of writing, the coin was trading for $113.74 albeit it was down about 3.68% in 24-hour intraday trading.
The Relative Strength Index or RSI is also looking bullish with a reading of around 57.
Data Source: Tradingview.com
Avalanche (AVAX) – Price analysis and prediction
For most analysts watching AVAX, one of the key things in the price action was to see if the coin can surge beyond its 20-day EMA and sustain gains above that. Well, AVAX did exactly that two days ago and even though it has seen some losses over the last 24 hours, it is still way above the 20-day EMA.
AVAX is however facing stiff resistance at $119.69. The coin had earlier tested that threshold but has since fallen. But as long as the price action is above the 20-day EMA, a surge above $119 is possible. It could also be the momentum trigger needed to push AVAX well above $147.
Should you buy Avalanche (AVAX)
Avalanche is one of the main competitors to Ethereum. It is today among the most promising blockchain projects. If you are a long-term investor, you should definitely have AVAX in your portfolio. The recent price action however makes it a tricky one for short-term plays. Unless the coin drops below its 20-day EMA, it is not primed for short-term speculative trades.