AVAX Token price analysis: Bulls traces back to the 50 EMA

AVAX token price has been on an uptrend as the token price bounced off the demand zone.
AVAX token price is trading near the supply zone and as of now, it has started consolidating near it.
The pair of AVAX/BTC trading at the price of 0.000836 with an increase of 1.69% in the last 24 hours.

AVAX token price trades near the supply zone on a daily time scale and if it sustains at the resistance then it can be seen surpassing the supply zone. As of now, the AVAX token price is transacting at the price level of $8.11, as it fell to the 50 EMA, in the ongoing bullish run.

AVAX token price trades at an important level on a 24-hour time frame

The price of the AVAX token has just recovered from the demand zone while trending upward. The cost of tokens continues to revolve on the supply. However, it has formed a bearish rejection candlestick pattern on a daily time horizon. It has established a daily pattern with a rounded bottom.

The price of the AVAX coin is producing higher high and higher low patterns on a daily time period. After overcoming all short-term barriers, the token price is now trading in the supply zone. The price of the AVAX token is presently trading in the upper band of the Bollinger band indicator after recovering from the lower band. The price of the AVAX coin has risen above both its 14 SMA and 50 MA on a daily time period. It is now sitting at these Moving averages.

The coin price has not yet crossed over the 100 Moving Average, despite recent bullishness. As a result, before witnessing a significant decrease, the token price may undergo upward rejection. Volumes have decreased despite the disastrous bullish day before. As a result, investors have to proceed with care and watch for a clear trend.

The AVAX token price is forming a cup and handle pattern on the daily time frame

ADX curve has been dipping on a higher time frame as the coin continues to fall. In a daily time frame, the ADX curve has dipped out of the 20 mark and has turned upwards. As the club price rests at the short-term demand zone on a 4-hour time frame. It is a positive sign for the token price. Investors should wait for a positive candle formation at the demand zone.

RSI curve is trading at the level of 63.75. The RSI curve has crossed the halfway mark of 50. Once the coin gives a breakout of a cup and handle pattern on a daily time frame, the RSI curve can be seen moving up. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.

Supertrend indicator is positive as the token price broke the important small-term supply zone on the daily timeframe. Since then the coin price has failed to give a breakout of the supply zone in a larger time frame. As of now, the token price has broken the super trend sell line which has triggered a buy line.

Conclusion: AVAX token price has been hovering around the supply zone. The technical parameters suggest a bullish move in the upcoming days. The price action is also suggesting the same. It remains to see if the token price will break the cup and handle pattern or fall heavily

Support: $17.25 and $16.50

Resistance: $21.60 and $25.60

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing