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?
Also Read: Bitcoin Halving: When Is The Next Bitcoin Halving Date?
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.
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.
Cardano price continues to draw fresh attention as the market shows signs of renewed strength.…
BONK price has drawn attention once again as its chart structure hints at renewed interest…
Shiba Inu price has crashed in the past few months, moving from a high of…
XRP price has shown renewed strength in the last 24 hours, recording a modest daily…
SUI price has once again found strength at its ascending support, creating expectations for another…
Chainlink price has attracted fresh attention after recent analyst insights highlighted key technical patterns. The…