On May 12th, the ongoing correction in Avalanche(AVAX) price marked a new low of $23 and managed a daily candle closing above $30. Furthermore, the resulting lower price rejection indicated the demand pressure from below and halts charging bears. Moreover, a second retest to this fresh is expected to initiate a minor bullish pullback.
advertisement
Key points:
- The AVAX chart presents strong support $30
- AVAX recovery needs a breakout from descending trendline
- The intraday trading volume in the AVAX is $844 Million, indicating a 3.2% gain
Source- Tradingview
On April 2nd, the Avalanche(AVAX) price reverted from its three-month high of $103.6 and triggered a new bear cycle. The downfall witnessed occasional 10-20% pullbacks and dropped to the multiple-month support of $53.6.
Furthermore, the early May sell-off accelerated the selling pressure and breached the bottom support on May 2nd. The post-retest downfall extended the correction rally by 55% and reached a new lower low of $23.55.
Trending Stories
However, the buyers sustained the AVAX price above the $30 psychological level and a double retest to this support within a week, indicating strong demand pressure.
Therefore, a potential rally may rechallenge the 40% high resistance of the descending trendline and the subtle bullish divergence on the RSI indicator only adds to the cause.
Alternatively, a daily-candlestick closing below the $30 would invalidate the bullish thesis and continue the correction rally 26% lower
Technical indicator
EMAs- Since the recent bearish crossover among the 100-and-200-day EMA, the AVAX price has maintained a bearish sequence between the crucial EMAs(20, 50, 100, and 200). The expected pullback would first face resistance from 20-day EMA near $40
advertisement
RSI- A bullish divergence at the oversold region of the daily-RSI chart reflects the overextended correction phase and the need for bullish recovery.
- Resistance levels- $38.3, and $53
- Support levels- $30 and $22
- After Vauld Suspends Withdrawals, These Crypto Exchanges Could Be Next
- Cardano’s Vasil Upgrade Goes Live On Testnet; When Will It Be Lauching On Mainnet?
- How Stable Is Tether? Data Shows USDT At Massive Liquidity Imbalance
- As BTC Plummets to $19,000, Elon Musk’s Tesla Reports $440 Million Impairment Losses
- British Army Regains Control Of Their Hacked Social Media Accounts Promoting Crypto Scams
- Bitcoin Miners Likely Behind Crash Below $19K, Here’s Why
- India’s Crypto Exchanges In Trouble? 1% Tax Keeps Traders Away
- Crypto Exchange KuCoin Denies Rumours of Them Halting Exchange Withdrawals
- Elrond Price Jumps By 9% Over This Announcement
- XRP Holding Better Than Most Altcoins, Here’s Why
- Polygon Price Analysis: $0.45 Fallout could Plummet MATIC price by 25%
- ETH Price Analysis: Can $1000 Support Undermine Selling Momentum?
- BTC Price Analysis: Technical Indicator hints Upcoming recovery for Bitcoin
- CRV Price Analysis: Buyers Prepare To Boost CRV Prices To $1
- DOGE Price Analysis: Pullback Opportunity Eyes its Next Jump to $0.1
- Sandbox Price Analysis: Emerging Pattern May Soar SAND price by 20%
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
