AVAX 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
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