Avalanche Price Prediction Hints $30 Target As Buyers Clear 500-Day Resistance

AVAX Price Prediction: Under a bearish flag for the most part of 2023, the AVAX coin price brings a banger comeback. Rising more than 40% in the last three days, Avalanche performs exceptionally well in the altcoins sector. Ranking amongst the top gainers this week, the crypto continues to head higher, aiming to reclaim the $20 mark. So, will the altcoin rally continue for AVAX to surpass $20 or a pullback is imminent?

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Is AVAX Heading to $20?

• A high supply zone at $21.6 hints the Avalanche price may tumble 10% before finding significant support
• A potential breakout from $21.6 will make a new higher AVAX price one of the key traits of the bullish trend.
• The intraday trading volume in Avalanche coin is $584.2 Million, indicating a 341% gain.

Source- Tradingview

Maintaining a larger trend of lower high formation, the Avalanche coin price action formed a falling wedge in the daily chart. Dropping under the psychological mark of $10, the AVAX price regained bullish momentum after testing the $8.6 mark.

With the overall market recovery supporting the bull run in altcoins, the AVAX price has given a return of 40% in the last 3 days. Furthermore, the linear uptrend concludes the lower high formation and fractures the overhead resistance trendline. 

Giving a bullish breakout of the falling wedge pattern, the price action reflects a pivotal moment of trend reversal. Moreover, the recent hike in the intraday trading volumes supports the bull run and reflects a huge underlying demand. 

Currently trading at $18.50, the AVAX price forms a bullish engulfing candlestick with an intraday growth of 10.28%. On an optimistic note, the increasing demand can fuel the bull run beyond the $20 mark. Medium-term holders can find the Avalanche token price reaching the $30 mark.

Three White Soldiers Offer Dip Opportunity

The sudden rise in bullish momentum helped boost the price of AVAX by 12 in the last 24 hours, making a triple white soldiers pattern. However, a potential pullback to retest the broken trendline is possible. Supporting the retest thesis, a pullback to the second candle’s low is a generally normal scenario in the triple white soldier pattern. 

If the overall market scenario remains bullish, this retest could offer a pullback opportunity before continuing the bullish trajectory.

• Exponential Moving Average: The bullish influence on the crucial EMAs teases a golden crossover event.
• Relative Strength Index: The daily RSI slope steadily progresses into the bullish overbought territory, indicating a strong demand pressure.