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Avalanche eyes major resistance breakout
Avalanche price remains above the 200-day Exponential Moving Average (EMA) at $23.39. The intraday recovery is inching towards the 38.2% Fibonacci level, acting as overhead resistance at $25.50, which is stretched between the $53.98 high from December 8 and the $16.04 low from April 6.
A decisive push above this resistance is crucial to prolong the recovery run, potentially targeting the 50% retracement level at $29.43.
The 50-day EMA is rising toward the 200-day EMA, eyeing a Golden Cross, which would flash a buy signal as short-term recovery outpaces the longer-term trend.
Still, the momentum indicators remain mixed as short-term volatility persists. On the daily chart, the Relative Strength Index (RSI) is at 57, up from 52 on Thursday, indicating increased buying pressure and suggesting further potential for recovery.
Additionally, the Moving Average Convergence Divergence (MACD) maintains an uptrend with its signal line, but lacks swiftness, suggesting low bullish momentum.
Looking down, if AVAX drops below the 200-day EMA at $23.39, it could extend the decline to the 50-day EMA at $22.58.
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