New Bullish Pattern Sets Avalanche Price for a 10% Upswing

AVAX Price Prediction: With the increasing uncertainty in the crypto market, the Avalanche coin price is actively resonating between a horizontal resistance of $18 and a rising support trendline. In technical analysis, this structure is called an ascending triangle pattern which is one of the famous bullish continuation patterns. Here’s how this pattern could assist you to enter a long trade.

Key points: 

• The area between the $18 resistance and rising trendline can be marked as a no-trading zone
• A bullish breakout from $18 will release the AVAX from the trapped bullish momentum.
• The intraday trading volume in Avalanche coin is $194.5 Million, indicating an 8.5% gain.

Source- Tradingview

Over the last three weeks, the AVAX price bounced back at least thrice from the key levels of the triangle pattern indicating the traders are strictly responding to this pattern and should do the same with its potential target.

By the press time, the AVAX price trades at the $17.87 mark and shows signs of reversal of the overhead resistance of $18. As the selling pressure persists at the mentioned resistance, the AVAX price is likely to revert lower and thus prolong the ongoing consolidation phase.

Also Read: Top Eco-Friendly Crypto Projects To Invest In 2023

Anyhow, in theory, the formation of a new higher low in asset price under the influence of a triangle pattern indicates gradual growth in underlying bullishness. The dynamic support trendline narrows its distance between the neckline resistance which allows buyers to give a significant breakout. 

A potential breakout from $18 neckline resistance will release the build-up of bullish momentum and surge the AVAX price 10% up to hit $19.6.

On a contrary note, a less likely yet possible breakdown below the support trendline will invalidate the bullish thesis and may prolong the prior downtrend,

Technical Indicators 

EMAs: the rising AVAX price showing sustainability above the 100-day EMA offers an extra edge on the buyers’ side.

RSI: The daily RSI slope steadily makes progress for a new higher high accentuating the growth in underlying bullishness.

Avalanche Coin Price Intraday Levels-

• Spot rate: $17.8
• Trend: Bearish
• Volatility: Medium
• Resistance levels: $18 and $19.6
• Support levels: $16.45 and $15.3