Published 9 hours ago
The Avalanche (AVAX) coin listing announcement on Robinhood caused a 10.63% gain earlier today. These gains add to the prior six days winning streak, registering a 27.5% rally. Moreover, the bullish recovery knockouts another resistance of $27.85, indicating the buyers are attempting another leg higher.
Key points:
- The rounding bottom pattern may bolster buyers to surpass the $32 mark
- A long-wick rejection at 100-day EMA may present a $28.5 breakout
- The intraday trading volume in Avalanche coin is $992.5 Million, indicating a 20% gain.
Source- Tradingview
The AVAX/USDT pair showcased a steady recovery rally in response to a rounding bottom pattern. The altcoin, currently trading at the $29.37 mark, registers a 112% gain in the past two months.
Amid this recovery, the bull run has pierced multiple resistances and the $27.85 barrier just today. With a 20% hike in volume activity, the buyers are interested in this breakout opportunity, indicating another leg up for AVAX price.
A candle closing above the $27.85 level will flip it to potential support and bolsters the bullish rally. Therefore, the sustained buying momentum will drive the AVAX price 9.5% higher to hit the $32 supply zone.
However, this may not be the end of AVAX’s bull cycle, as the coin price should rise to $37.13 neckline resistance under the influence of a bullish reversal pattern.
While things favor Avalanche(AVAX) buyers, the higher price rejection attached to the daily candle indicates the sellers are reverting the higher prices. Thus, a candlestick closing below the $27.8 mark could plunge the altcoin below the $20 support, which will invalidate the bullish thesis.
Technical indicator
MACD indicator: the increasing spread between the fast and slow slopes reflects growth in underlying bullish.
Bollinger Band: the AVAX price trading above the indicator’s upper band indicates overextended buying from traders. Such an act may usually cause a minor correction in the midline or stall the recovery for a certain period.
- Resistance levels: $32.7 and $37.1
- Support levels: $22.11 and $20.3
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.
Source: https://coingape.com/markets/avalanche-price-analysis-reversal-pattern-may-soar-avax-by-26/