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Earlier today, the Avalanche coin price showcased an 8.05% gain and tested $22 local resistance. However, a sudden selling pressure in the crypto market reverted the price with a long rejection candle and plunged the altcoin to its current price of $18.91. Thus, a possible correction could offer a pullback opportunity for interested buyers.
Key points:
- The AVAX chart presents supply pressure at $20.
- A possible correction could retest the breached resistance, such as $17.8 and $16.5
- The intraday trading volume in the AVAX is $502.2 Million, indicating an 80% gain
Source- Tradingview
The Avalanche(AVAX) price witnessed a V-shaped recovery from the $14.5 support amid the recent recovery phase in the crypto market. Thus, altcoin registered a 36% growth within a fortnight and reached a high of $19.8.
The gradual growth in volume activity indicates the trader’s interest in long positions and the high possibility for further development. However, the long-wick rejection attached to the daily candle indicates the supply pressure from above.
Though this rejection suggests the profit booking from short-term traders, the AVAX price may witness a longer correction or consolidation if the selling pressure. Anyhow, the $17.8 to $16.5 support is suitable to trigger a post-correction rally. Thus, with sustained buying, the prices should rise 16.5% to hit the $22 mark.
On a contrary note, a breakdown below $16.5 will offset the bullish thesis and slump the price back to the $x mark.
Technical indicator
EMAs- during the prior downfall, the downsloping EMAs(20, 50, 100, and 200) acted as a significant dynamic resistance to plunge the price lower. However, the prices reclaimed these EMAs with the recent recovery, as they should flip into viable support.
RSI- the daily-RSI slope climbing higher in bullish territory indicates growth in underlying bullishness.
Avalanche price intraday levels
- Spot-$ 18.8
- Trend- Bullish
- Volatility- Medium
- Resistance levels- $38.3 and $53
- Support levels- $30 and $22
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