AVAX is eyeing USD 120 resistance as it surpassed USD 100

The cryptocurrency market is slowly recovering from Wednesday's slight drop.

The cryptocurrency market fell slightly yesterday, losing less than 1% of its value over the period. However, the total cryptocurrency market cap remains above $2.1 trillion.

Bitcoin, the world's leading cryptocurrency, is trading back above $47,000 after slipping slightly to $46,000 on Wednesday. Ether continues to trade above USD 3,300 and it could surpass the psychological level of USD 3,500 in the coming hours.

AVAX, the Avalanche ecosystem's native token, is up more than 7% in the last 24 hours, making it the best performer among the top 10 cryptocurrencies by market cap.

At the time of writing, AVAX is trading at $100 per coin. This is the first time AVAX has traded at $100 since the beginning of the year.

There is no major catalyst behind this sustained rally. The Avalanche Summit ended a few days ago, and the positive aspects of the event may be the reason AVAX is doing so well today.

Important levels at a glance

AVAX/USD 4-hour chart is bullish as the cryptocurrency has been performing well. The technical indicators show that Avalanche is currently outperforming the other major cryptocurrencies.

The MACD line is above the neutral zone on AVAX's continued bullish performance. The 14-day RSI from 57 shows that AVAX is no longer in the oversold territory.

If the bulls remain in control, AVAX could surpass the first major resistance level at $112 before the end of the day. In the event of an extended rally, AVAX could rally above the psychological USD 120 level in the coming days.

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