- Avalanche price has fallen below an ascending triangle pattern over the daily price chart.
- AVAX crypto is trading below the 20, 50, 100, and 200-day Daily Moving Average.
- The pair of AVAX/BTC is at 0.001069 BTC with an intraday gain of 0.45%.
The Avalanche price has successfully exited an ascending triangle pattern over the daily price chart but now falters below it due to the ongoing bearish rally. The cryptocurrency is now trading with slight uptrend momentum on the daily chart. Bulls on AVAX seem dedicated to documenting the token’s recovery and enabling AVAX to rise dramatically. The digital asset is making an effort to maintain and restore its position outside of the triangle pattern. Bulls on AVAX need to keep building up in order to give the token a strong push. AVAX is aiming to recoup up to the $25.00 resistance level. However, bears have the potential to halt the present spike in the AVAX coin. AVAX bulls need to maintain their position in the deal to keep the token from returning to the pattern.
Avalanche The market value Price fell by 1.26% over the last day and is now anticipated to hit $22.7. However, trading volume decreased by 28.29% during intraday trading. The movement of sellers to remove the token from its current position is indicated by this. The volume to market cap ratio is 0.08037.
The price of AVAX currency eventually breached the ascending triangle pattern, and bulls are now trying to hold above the pattern. On AVAX, bulls must maintain their position above the pattern and move forward. AVAX must improve the volume change, which is now below average, in order to keep outperforming the pattern. The price of AVAX cryptocurrency has risen by roughly 29% during the current bullish rally that began on August 3.
What do Technical Indicators suggest about AVAX?
On the daily chart, the price of AVAX currency is now rising slightly as it tries to hang onto the ascending triangle pattern. However, technical indicators suggest that AVAX is rapidly approaching neutrality.
Relative Strength Index showcases the uptrend momentum of AVAX crypto. RSI is at 39 and is about to recover through neutrality. MACD exhibits the downtrend momentum of the AVAX coin. The MACD line is below the signal line and approaching 0.
Conclusion
The Avalanche price has successfully exited an ascending triangle pattern over the daily price chart but now falters below it due to the ongoing bearish rally. The cryptocurrency is now trading with slight uptrend momentum on the daily chart. Bulls on AVAX seem dedicated to documenting the token’s recovery and enabling AVAX to rise dramatically. The digital asset is making an effort to maintain and restore its position outside of the triangle pattern. Bulls on AVAX need to keep building up in order to give the token a strong push. AVAX is aiming to recoup up to the $25.00 resistance level. AVAX must improve the volume change, which is now below average, in order to keep outperforming the pattern. MACD exhibits the downtrend momentum of AVAX coin. The MACD line is below the signal line and approaching 0.
Technical Levels
Support Levels: $20.00 and $19.50
Resistance Levels: $25.00 and $26.50
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/08/24/avalanche-price-analysis-avax-crypto-is-trying-to-recover-back-towards-an-interesting-pattern/