The Luna Foundation Guard supports upward price movements in Avalanche. Technical indicators suggest a leg-up to $95.
- Avalanche gained about 5.69% on Thursday.
- News about Luna Foundation Guard acquiring AVAX worth $100 million to create UST reserves supported the surges.
- Technical indicators display green, with Avalanche holding beyond the 200-day Exponential Moving Average.
Avalanche sustained bullish movements on Thursday, AVAX leading gainers in the top ten. Partially reversing Wednesday’s 8.85%, the alt surged 5.69% to end yesterday at $87.66.
Luna Foundation Guard Boosts AVAX
News about Luna Foundation Guard acquiring about $100M n Avalanche to build UST reserves. Thursday’s report triggered AVAX upticks. Avalanche revealed the purchase news on Twitter. Besides the $100 million AVAX purchase, LFG bought BTC worth $231 million.
Avalanche Price Action
While publishing this blog, Avalanche traded at $88.86, following a 4.69% 24-hour surge.
Avalanche should keep the $85.90 day’s pivot away to support a leg-up to the first crucial resistance zone at $90.41. Support from the overall market is essential for AVAX to overcome Thursday’s peaks of $88.65.
Extended upward moves would see the crypto testing the 2nd massive hurdle at $93.18, then $95. The 3rd massive resistance stands at $100.39. However, declines from the pivot level will see AVAX hitting the first critical support at $83.14. Excluding continued drops, Avalanche should keel sub-$80 away.
The 4-hour candlestick chart and Exponential Moving Average suggest bullishness for Avalanche price. The alt stayed beyond the 200-day Exponential Moving Average, currently near $86.99. Early sessions on Friday had the 50-dayEMA converging on the 100-dayEMA to hit support. Meanwhile, the 100-day Exponential Moving Average drifted from the 200-dayEMA, ensuring support. Action through the 100-day Exponential Moving Average at $90.15 will see AVAX exploring $95.
As stated earlier, Avalanche will depend on the broad market bias for its upcoming session. For now, the crypto spectrum flashes green. While writing this article, the global cryptocurrency market capitalization hovered around $2.02 trillion, following a 1.20% surge over the past day. Maintaining the upside bias would support Avalanche’s upswings in the up-and-coming sessions.
We have more updates on your way. Stay tuned.