Why is Avalanche up over 13% on Tuesday?

Levels to keep an eye on

Despite Avalanche rising more than 13% to its value today, the AVAX/USD 4-hour chart remains bearish. AVAX appears to be recovering from its recent collapse, according to technical indicators.

The MACD line is still below the neutral zone, indicating a bearish trend. With the bulls currently in charge, AVAX’s MACD line may climb into positive territory in the near future.

The 14-day relative strength index of 49 indicates that AVAX is no longer oversold. AVAX, on the other hand, would need to surge higher to enter the overbought conditions.

At the time of writing, AVAX was trading at $20.34 per coin. If the bulls maintain their lead, AVAX could break through the $23.02 resistance level before the end of the day.

Unless there is a sustained bullish run, the second major resistance level at $26.29 should limit additional gains in the near term.