AVAX adds nearly 25% gains in one week, can it sustain the rally?

Avalanche (AVAX), a cryptocurrency platform that opponents trim contract network Ethereum, prolonged its positive aspects on Tuesday. AVAX has rallied almost 25% in the past week, technical indicators mask that the token might perhaps well per chance proceed climbing greater.

The mission announced the launch of a singular Layer 1 chain centered at game developers.

Avalanche might perhaps well per chance prolong positive aspects this week

The Ethereum competitor is exchanging palms at $40.49 on Binance. Avalanche rallied over 38% from the April 13 low of $29.24 to $40.49. Starting Could perhaps 15, AVAX ticket has fashioned greater highs and greater lows.

A on a regular basis candlestick shut above the April 12 excessive of $46.89 might perhaps well per chance verify a pattern reversal in the asset. AVAX might perhaps well per chance target $47.32, the 50% Fibonacci retracement of the decline from March 18 prime of $65.39 to the April 13 backside of $29.24.

Earlier than April 11, the $47 level held as regular relieve for Avalanche. A shut above this level might perhaps well per chance erase the losses faced by AVAX holders in Could perhaps 2024.

The Relative Energy Index (RSI), a momentum indicator climbed to 61, closer to the oversold zone at 70. The surge in RSI is in keeping with the price prolong in Avalanche, there might perhaps be now not any divergence noticed on the 1-day AVAX/USDT ticket chart.

The Shifting Sensible Convergence Divergence (MACD) indicator displays obvious momentum underlying the uptrend in AVAX, between Could perhaps 15 and 21, as viewed in the chart below.

AVAX/USDT 1-day chart

AVAX is seemingly to retain on to its fresh positive aspects, except the token closes below the Could perhaps 15 excessive of $34.seventy 9. Avalanche might perhaps well per chance sweep liquidity at this level, AVAX might perhaps well per chance try a recovery post the correction, if one happens this week.

The downside targets for AVAX are the Could perhaps 15 low of $31.35 and the April 13 low of $29.24.

Avalanche recently announced the launch of a singular Layer 1 chain that provides a stable platform to appeal to game developers. The mission GameChain is powered by AVAX and might perhaps well per chance perhaps simply seemingly leer unique game pattern on its platform.

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