Avalanche coin price has rebounded in the last few sessions showing buyers’ attentiveness towards the coin. The lower trendline acts as a bounce-back mark for the coin to recover. Recently, AVAX registered a breakout and traded out of the channel, but as soon as the price met its 200-day EMA, sellers were anxious and making shorts, which made the price show a corrective move in the form of higher lows. After that, buyers again try to regain strength and claim a value area near $20. However, the price action indicates that buyers are trying to gain traction in the last session, as an upside move is pending, which needs to be retested.
When writing, AVAX is trading at $17.77 with an intraday gain of 1.88%, while trading volume noted a decline of 51%, showing lower interest of traders. The pair of AVAX/ BTC is at $0.000603 satoshis. At the same time, the investors are trying to uplift towards the nominal range to maintain the bullishness gradually.
Daily Chart Shows AVAX Price Rising Moves within the channel
On the daily chart, the Avalanche coin looks neutral; the price is between $16-$20. At the same time, buyers hold the range to claim a 20-day EMA. AVAX is in the recovery phase, and investors are trying to gain traction to claim the higher top mark near $20. The rising wedge pattern suggests an upside range towards $24 to be hit in the upcoming sessions, which buyers are trying to claim. Moreover, the price respected the channel’s lower trendline and bounced back. This pullback indicates a demand zone near $16, which sellers tried to break but failed. Meanwhile, the price slips below the Bollinger band’s midline, which gives sellers an advantage for making short positions.
AVAX coin is hovering and taking resistance on its 50-day EMA, but buyers are also holding the gains. Moreover, as per the Fib levels price is near its 38.2% level and taking support from its 23.6% in the last session. From the support range of $16, long wick candle formation has conveyed a strong demand zone.
What Indicators Suggest on AVAX ?
On the 4-hour chart, AVAX is going upward with the rising channel and slowly uplifting the gains. Moreover, the RSI maintains neutrality, and a positive crossover on the curve is also noted. Furthermore, trading volume is needed to register a bullish breakout. The MACD indicator forms green bars on the histogram from the past sessions and indicates that buyers were holding the grip, and a gradual inclination in price was noted.
Conclusion:
AVAX coin price maintains gains and registers a bounce from its demand zone near $16. Buyers are led from the front in the last session in the form of a pullback from its lower trendline.
Technical Levels:
Support level: $16 and $14
Resistance level:$20 and $22
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/04/29/avalanche-price-analysis-will-avax-be-able-to-cross-above-20/