NewsletterAvalanche Price Analysis: Will AVAX Coin’s Winning Streak Surpass $26?
The Avalanche (AVAX) price rises for the fourth consecutive day, registering a 15.2% gain. The bull aims to breach the $26.2 resistance and trigger the two-months old cup and handle pattern. What can you expect once the price breaches the neckline resistance?
Key points:
- The AVAX chart shows high supply pressure at $26.1
- A bullish crossover from MACD indicator slopes encourages a $26.1 breakout.
- The intraday trading volume in Avalanche coin is $594.2 Million, indicating a 14.7% gain.
Source- Tradingview
On July 20th, the AVAX/USDT pair reverted from the monthly resistance of $26.1. Furthermore, the minor correction discounted the altcoin by 25% and formed the handle portion of the cup and handle pattern.
The late July recovery undermined this pullback loss and bolstered buyers to rechallenge the neckline barrier($26.1). However, the AVAX price struggling to break this resistance for nearly three weeks indicates the sellers are aggressively defending it.
Anyhow, even though the prices are yet to surpass this resistance, the higher low formation in the chart reflects growth in bullish momentum. Today, the AVAX price is up 2.65%, showcasing another breakout attempt.
A daily candlestick closing above the $26.1 mark would complete this reversal pattern and further reinforce the recovery rally. As per the technical setup, the post-breakout rally may push the AVAX price to the same length of distance between the bottom support to the neckline.
Thus, the potential rally may surge the prices 42.2% higher to tag the $37.2 resistance.
If the selling persists and the possible retracement nosedive below the 50 DMA, the bullish thesis will be invalidated.
Technical indicator
MACD indicator: the multiple crossovers between the fast and slow lines indicate uncertainty in the market. However, these slopes wavering above the neutral slopes reflect the buyers have the upper hand.
DMAs: the pattern’s handle portion bounced back from the 50 DMA slope, indicating it has flipped into suitable support. Moreover, the 100 DMA present at the $26.1 mark will give an extra edge if breached.
- Resistance levels: $26.1 and $28.6
- Support levels: $22.2 and $20
- Donald Trump May Name Next Fed Chair Before Christmas: Scott Bessent
- BlackRock Moves Over $815M in BTC and ETH as Crypto ETFs See Heavy Outflows
- KuCoin Global Opens Australian Offices as Part of Its Global Expansion
- Pi Coin Set for Major Adoption as Pi Network Officially Registers Under EU MiCA
- XRP Price Could Drop Below $2 as Market Sentiment Dips to “Anxiety” Stage
- Dogecoin Price Eyes Recovery Above $0.20 as Whales Scoop Up 27.4 Billion DOGE.
- FUNToken Price Shows Bullish Accumulation in a Weak Market : Time to Invest?
- Why Are CRO, STRK & MYX Prices Up Today?
- Solana Price Prediction – Will the ETF Wave End SOL’s Multi-Week Downtrend?
- Ethereum Price Forms Rare Pattern as Tom Lee Makes Bold Prediction
- Is Dogecoin Price Set for a Recovery as Grayscale ETF Speculation Intensifies?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
