AVAX Price Stabilizes Above $25.0 As Bulls Continue To Lead

Avalanche (AVAX) price consolidates with a positive bias on Friday. The market sentiment remains bullish as prices remain above $25.0. AVAX price has been stuck in a very narrow trade range of $23.20 and $26.50 for the past three sessions. With the consolidation, the 24-hour trading volume dropped by 25% to $706,099,844.

• AVAX price prints modest gains following a corrective pullback.
• The price sits comfortably above the 50-day EMA signaling sustained buying pressure.
• However, the buyers must beat the recent highs of $26.36 to continue the upside momentum.

AVAX builds bullish momentum

AVAX has been moving sideways since the beginning of the session. On the daily time frame, the price formed a volatility contraction pattern. It must be understood that it’s reminiscent of the Cup & Handle pattern, although it’s a little more like a cup followed by a smaller cup, and then further a smaller cup.

The pattern demonstrates accumulation throughout the formation and completion of a base near $16.55 before giving a breakout at $24.50.

The 50-day EMA provides support to the price at $23.21. The RSI (14) indicator is above 60, indicating that the market is still far from overheating. Any minor pullback could be a good entry point.

On an hourly time frame, the price formed a bullish flag and pole pattern. AVAX after giving a good impulse up move entered into a consolidation phase between $24.0 and $26.0. The nearest hurdle could be found at $26.0. A daily acceptance above this level could bring $28 for investors.

On the flip side, if the price slips below the $23.80 level then it would invalidate the bullish outlook on the asset. In that scenario, the lower targets could be found at $23.0 and $22.50.

Conclusion: 

On different time frames, the AVAX price signifies consolidation near higher level levels. A valid move above $25.50 with decent volumes is a sign for the continuation of the bullish momentum with the mentioned targets.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.