Avalanche Price Analysis: AVAX Trying to Maintain its Position out of an Interesting Pattern, Time for Bulls to Sustain!

• Avalanche price has successfully escaped the ascending triangle pattern and is now trying to sustain at the higher level.
• AVAX crypto is trying to recover above the remaining 100 and 200-days Daily Moving Average after surpassing 20 and 50 EMA.
• The pair of AVAX/BTC is at 0.001207 BTC with an intraday gain of 0.15%.

Over the daily price chart, the Avalanche price has effectively broken out of an ascending triangle pattern. On the daily chart, the cryptocurrency is now trading with significant rising momentum. Bulls on AVAX appear committed to recording the token’s comeback and allowing AVAX to soar significantly. The digital asset is attempting to preserve its position outside of the triangular pattern and recover. Bulls on AVAX must continue to accumulate in order to give the token a powerful push. Up until the resistance level of $30.00, AVAX is attempting to recover. Bears, though, could stop the AVAX coin’s current surge in its tracks. To prevent the token from reentering the pattern, AVAX bulls must hold their ground in the deal.

Avalanche Price’s market capitalization increased by 3.16% during the past day and is currently expected to reach $29.65. However, during intraday trading, trading volume fell by 17.63%. This indicates that sellers are moving in to take the token away from its existing position. Volume to market cap ratio is 0.06549.

The ascending triangle pattern was eventually broken by the price of AVAX currency, and bulls are now attempting to maintain above the pattern. Bulls on AVAX must hold their position above the pattern and advance. However, volume change is below average and must increase for AVAX to continue to outperform the pattern. In the ongoing bullish rally since August 3rd, AVAX cryptocurrency has increased by about 29%.

What do Technical Indicators suggest about AVAX?

AVAX coin price is currently trading with strong rising momentum over the daily chart as it attempts to hold above the ascending triangle pattern. Technical indicators, however, indicate that AVAX is imminently approaching overbought territory.

Relative Strength Index showcases the uptrend momentum of AVAX crypto. 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 inside the positive zone. 

Conclusion 

Over the daily price chart, the Avalanche price has effectively broken out of an ascending triangle pattern. On the daily chart, the cryptocurrency is now trading with significant rising momentum. Bulls on AVAX appear committed to recording the token’s comeback and allowing AVAX to soar significantly. The digital asset is attempting to preserve its position outside of the triangular pattern and recover. Bulls on AVAX must continue to accumulate in order to give the token a powerful push. Up until the resistance level of $30.00, AVAX is attempting to recover. However, volume change is below average and must increase for AVAX to continue to outperform the pattern. In the ongoing bullish rally since August 3rd, AVAX cryptocurrency has increased by about 29%. Technical indicators, however, indicate that AVAX is imminently approaching overbought territory. The MACD line is ahead of the signal line inside the positive zone. 

Technical Levels

Support Levels: $28.00 and $26.65

Resistance Levels: $30.00 and $31.50

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.   

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.

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