AVAX Price To Record A Bullish Reversal Or Breakdown?

Despite concluding the second week of “Uptober” positively, the crypto market has stumbled over the past six days due to increased geopolitical tensions. Following this, top cryptocurrencies recorded a strong pullback in their respective valuations.

Moreover, in spite of recording an ascending channel pattern in the 1D time frame, this altcoin has constantly rewarded its investors with a negative return. Is the dream run of Avalanche exhausted or will this fallen crypto project make a meteoric comeback this altcoin season?

AVAX Price Retests Its Support Trendline Of The Channel Pattern!

Amid increased market volatility, the Avalanche token has constantly displayed a negative price action by dropping 3.24% in the past day and 8.74% over the past week. In the longer-term perspective, it has plunged ~11% during the past month and has a YTD return of -34.16%.

The Relative Strength Index (RSI) has displayed a significant downtrend over the past day. This indicates an increase in the selling-over-buying pressure in the cryptocurrency market.

Moreover, the SMA indicator constantly acts as a resistance to the AVAX price chart in the 1D time frame. This highlights a negative outlook for the altcoin during the upcoming week.

Will Avalanche Price Record A New High This 2024?

Suppose, a bullish trend reversal occurs, under such a situation, the AVAX coin price will retest its resistance level of $31.50 this month. Furthermore, if the market continues favoring the bulls, this could result in it heading toward its upper resistance level of $39.30 during the upcoming time.

On the contrary, if the market uncertainty intensifies, the Avalanche token could retest its support trendline of $24.30. Moreover, if the bears dominate the crypto space this Q4, this could result in the AVAX token plunging toward its crucial low of $17.30.

Wondering if AVAX crypto will achieve the $50 mark this year? Read CoinPedia’s Avalanche (AVAX) Price Prediction to uncover the short-term and long-term price prospects!