NewsletterAVAX Price Analysis: Aims For $30.0 As Buying Pressure Sustains
Avalanche’s (AVAX) price has been on the bullish run for the straight third day. The market sentiment remains optimistic as the price continues to hold above the $25.80 threshold. More gains could be realized in the coming few sessions as AVAX is just a tad below the psychological $26.0 mark. Likewise, on the downside, the key support level to watch out be $24.0.
- AVAX price trades higher on Wednesday as USD weaknes.
- A Broader Crypto-market recovery aided the upside in the price.
- AVAX/USD records gains of nearly 30% in the last three days.
As of writing, AVAX/USD is exchanging hands at $25.69, up 3.88% for the day.
AVAX Price Moves North
On the daily chart, the AVAX formed a price and volume contraction pattern. The price and volume contraction pattern is formed when the price starts to contract with no or small volumes at all, and after the breakout, the price breaks its resistance with increased volumes. The recent price action suggests that the fall has come to an end. This action resulted in a decent upside breakout with great volume.
In addition to that, the AVAX price has breached the critical 50-day EMA at $23.27. Now, ff the bulls manage to produce a daily candlestick above $27.50, then the road to $30.0 would be easy to achieve.
On the hourly charts, the AVAX price trades in a consolidated manner. The nearest support is placed at around $23.40, which also coincides with 50% Fibonacci retracement.
If the price bounced from the above support level along with a good breakout of a bullish flag and pole pattern. This would result in a good up move.
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