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.
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.
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.
Chimpee, the project behind the hyped CHMPZ tokens, combines the best of both worlds. It…
Ethereum price is showing signs of resilience after recent turbulence, with renewed attention on whale…
The HYPE price outlook has gained attention after a market analyst, Ali Charts, remarked that…
The Shiba Inu price has drawn attention as its chart shows tightening consolidation near a…
The Bitcoin price has drawn attention after Ted Pillows shared insights comparing current conditions with…
HBAR price has formed a bullish flag pattern on the daily chart. Hedera has moved…