- Avalanche price has successfully broken out of an ascending triangle pattern over the daily price chart.
- AVAX crypto has recovered above 20 and 50 EMA, now aims for 100 and 200-days Daily Moving Average.
- The pair of AVAX/BTC is at 0.001196 BTC with an intraday gain of 5.79%.
Avalanche price has successfully broken out of an ascending triangle pattern over the daily price chart. The token is currently trading with strong uptrend momentum over the daily chart. AVAX bulls look determined to register the token’s recovery and let AVAX soar significantly. The crypto asset is trying to recover itself and maintain its position out of the triangle pattern. AVAX bulls must maintain the accumulation to provide a great push to the token. AVAX is trying to recover till the $30.00 resistance level. However, bears may interrupt the ongoing uptrend momentum of AVAX coin. AVAX bulls must intact themselves in the trade to save the token from falling back inside the pattern.
Avalanche Price has gained its market capitalization by 9.28% during the last 24 hours and is presently projected to be at $28.43. Trade volume increased by 19.63% during intraday trading. This shows that buyers are participating in the transaction and are making an effort to raise the token and get it out of the pattern. Volume to market cap ratio is 0.1031.
AVAX coin price has finally broken out of the ascending triangle pattern and now bulls are trying to sustain above the pattern. AVAX bulls must maintain their position above the pattern and must surge upwards. However, volume change can be seen below average and needs to grow for AVAX to maintain itself above the pattern. AVAX crypto has gained around 29% in the ongoing bullish rally from 3rd August.
Will AVAX Bulls Sustain or Bears Strike?
AVAX coin price is trying to sustain above the ascending triangle pattern and is currently trading with strong uptrend momentum over the daily chart. Meanwhile, technical indicators suggest that AVAX is about to be overbought at any moment now.
Relative Strength Index confirms that AVAX is about to be overbought. RSI is at 69 and is about to enter the overbought territory. MACD exhibits the uptrend momentum of AVAX coin. The MACD line is ahead of the signal line showcasing uptrend momentum.
Conclusion
Avalanche price has successfully broken out of an ascending triangle pattern over the daily price chart. The token is currently trading with strong uptrend momentum over the daily chart. AVAX bulls look determined to register the token’s recovery and let AVAX soar significantly. The crypto asset is trying to recover itself and maintain its position out of the triangle pattern. AVAX bulls must maintain the accumulation to provide a great push to the token. AVAX is trying to recover till the $30.00 resistance level. However, volume change can be seen below average and needs to grow for AVAX to maintain itself above the pattern. Meanwhile, technical indicators suggest that AVAX is about to be overbought at any moment now. The MACD line is ahead of the signal line showcasing uptrend momentum.
Technical Levels
Support Levels: $26.50 and $25.00
Resistance Levels: $30.00 and $33.00
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/2022/08/08/avalanche-price-analysis-avax-successfully-broke-out-of-an-interesting-pattern-whats-next/