Avalanche Price Analysis: A Symmetrical Triangle Breakout Calls For $26.0
Avalanche (AVAX) price analysis shows the bullish outlook for today. The recent price action suggests that the market is trading under a bullish sentiment. The price opened lower but recovered swiftly to touch the intraday high of $24.77 with above-average volumes. It looks that AVAX could surpass the critical $25.00 mark with ease if the fresh buyer added in the current upside momentum.
- AVAX price surge 10% in the past three sessions.
- A daily candlestick above $24.80 would confirm the upside in the altcoin.
- The momentum oscillator supports the bullish outlook.
As of publication time, AVAX/USD is exchanging hands at $24.65, up 5.65% for the day. The 24-hour trading volume of the 14-largest cryptocurrency is held near $490,343,370 with a decline of 5%.
AVAX price seeks further upside approval
The formation of a symmetrical triangle indicates a breakout is on the way. The buyers attempts to break the upper trend line of the formation. The price rises along the lower trend line, which could see price above the $24.80 resistance level.
On the daily chart, the AVAX price is taking support near the crucial 20-day and 50-day EMA crossover. Further, the formation of multiple Doji candlesticks near the supprot zone indicates the emergence of buying near the lower levels. This, all sum for a probable bullish breakout.
If the price managed to close above session’s high then we can expect the continuation of the uptrend. In that case, the first upsie target would be the $26.0 followed by the high of June 6 at $27.75.
On the flip side, a spike in sell order could drain the buying interest in the altcoin. On moving lower, the price could test the 20-day EMA at $22.63.
The RSI (14) breached the average line with a bullish bias. Currently it reads at 57, indicating the bullishness in AVAX.
1-hour chart depicts bullish trend
On the 1-hour chart, the AVAX price analysis shows the bullish overlay for the day. The price has broken the $24.02 horizontal resistance zone. In addition, the fibonaci retacment from the lows of $22.88 acts as an extension for the bulls. Recently, the price found reliable supprot around the 0.38% Fibo. level. However, faces rejection near the $24.80 level.
A move beyond the mentioned level amid sustained buying pressure would bring in more gains in the AVAX/USD pair.
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