The recovery rally initiated last week has gained 33% from the current lower low of $53. The AVAX price approaches the $75 crucial resistance riding an inverted flag pattern. A bullish breakout from this resistance could signal a bullish rally.
Key technical points:
- The AVAX price chart shows a bearish crossover of the 50-and-100 SMA line
- The intraday trading volume in the AVAX coin is $78.5 Million, indicating an 18.5% gain
Source- Tradingview
As mentioned in our recent coverage on Avalanche (AVAX) price analysis, AVAX buyers lost the 0.5 Fibonacci retracement level in the recent crypto bloodbath and plummeted the alt to $53 level. The technical chart indicates a strong support zone at $60-$55, providing sufficient demand for the coin price.
The AVAX/USD chart shows an inverted flag pattern in the 4-hour time frame chart. The price action resonating in the pattern’s channel leads the current recovery rally. However, the buyers are facing stiff resistance at the $78 mark, maintaining an overall bearish sentiment.
The 50 and 100 SMA offer a bearish crossover in the daily chart, luring even more sellers to this coin. However, the recent price jump has reclaimed the 200 SMA, indicating the first win of recovery.
AVAX/USD In The 4-hour Time Frame Chart
Source- Tradingview
If bears reject the coin price from the $78 mark, the alt will slide to the immediate support zone at $60-$55. The bulls are likely to defend this zone, indicating the buyers are interested in this dip. A genuine breakout from overhead resistance($78) would be the first sign of the buyer’s strength.
The Moving average convergence divergence indicator shows the MACD and signal lines jump above the neutral sentiment(0.00), indicating a bullish momentum in the lower time frame chart.
- Resistance levels- $98.2, and $117
- Support levels-$86 and $79.2
Disclaimer
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.
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Source: https://coingape.com/markets/avax-price-today-75-breakout-is-must-for-avax-bullish-comeback/