NewsletterAVAX Price Analysis: Reversal within this Pattern may Lower AVAX By 15%
The V-shaped recovery in the AVAX/USDT pair shows a bull cycle within the ascending triangle pattern. The bullish rally pushed the coin price to a $22-21.2 mark to rechallenge this weekly resistance. Furthermore, a decisive breakout above the mentioned barrier would trigger the triangle pattern for a potential rally to the $27.8 mark.
Key points:
- The shooting star candle at $22 resistance indicates the high supply pressure
- The recent price jump reclaims the 20 and 50 DMAs
- The intraday trading volume in AVAX/USD is $548.7 Million, indicating a 6.77% fall.
Source- Tradingview
Amid the widespread uncertainty in the crypto market, the AVAX price shows a ray of hope to its holders with the formation of an ascending triangle pattern. Furthermore, the coin price represents its neckline resistance at the $22-$21.2 mark, limiting the bullish growth since last month.
However, the higher low formation in the price action indicates growth in underlying bullish which should eventually breach the $22 supply zone. On July 13th, the AVAX price rebounded from the support trendline with a morning star candle and jumped 25.2%
The recovery rally hits the $22-$21.2, displaying another attempt to breach this resistance. However, the selling pressure at this level remains active and reverted the AVAX price with long-wick rejection.
Today, the AVAX price is down 1.18%, showing a shooting star candle at $22 resistance. This bearish reversal candle shows early signs of reversal, which could trigger another bear cycle within this pattern.
Alternatively, a less likely possibility of a bullish breakout from the $22 barriers could shoot the altcoin 31% higher to %27.8.
Technical indicator
RSI indicator: While the price action is still struggling to surpass its overhead supply zone, the daily-RSI slope jumped above the neutral line, indicating positive sentiment is returning to AVAX. This trending RSI bolsters the bullish breakout theory.
Vortex indicator: following a bullish crossover, the sharp spread between the VI+ and VI- slopes projects aggressive buying from traders.
- Resistance levels: $22 and $27.8
- Support levels: $16 and $13.77
- Michael Saylor Reaffirms “Unwavering” Bitcoin Conviction as Strategy Faces MSCI Scrutiny
- 8 Best Crypto Offramps Service Platforms in 2025
- Breaking: Coinbase Buys Solana DEX Vector.fun
- Breaking: December Rate Cut Odds Jump to 70% After Fed’s John Williams Signals Near-Term Easing
- BlackRock Moves Another $465M in Bitcoin and Ethereum Amid Crypto Market Sell-Off
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
- Will Solana Price Crash Under $100 as Crypto Market Signals Further Downside?
- Ethereum price Drops Below $2,700 as US Jobs Data Hits Rate-Cut Hopes
- Dogecoin Price Forecast: Will DOGE Hold Above $0.15 or Fall Lower?
- Pi Coin Price Eyes a 105% Surge as Bullish Patterns Align With Bullish Fundamentals
- Will XRP Price Rally to $3 After Bitwise Launches First XRP ETF on NYSE?
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
