Avalanche Price Analysis: Reversal Pattern May Soar AVAX By 26%
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
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