Is Avalanche Coin Price Ready To Hit $30 Mark?
The U-shaped recovery in the crypto market projected the formation of a rounding bottom pattern. This bullish reversal pattern is commonly observed in market bottoms and offers a sustained recovery to coin holders. Thus, with the ongoing recovery in the market, the Avalanche Coin Price has recently breached this pattern’s key neckline resistance, indicating the prices are ready to take off.
Key Points:
- A bullish breakout from the neckline resistance of the rounding bottom pattern sets the AVAX price for a 48% jump.
- For a potential rally, the AVAX price could witness significant resistance at $22, $26, $30
- The intraday trading volume in Avalanche coin is $447.2 Million, indicating a 33.4% loss.
Source- Tradingview
The parabolic growth in Avalanche coin surged its market value by 90% from the January low of around $10.6. During this bull run, the prices breached multiple resistances, which later acted as a suitable footing, supporting the price rally.
Furthermore, with the ongoing recovery rally and formation of a rounding bottom pattern, the AVAX price has recently provided a massive breakout from the $20.2 ceiling. This breakout should intensify the bullish momentum and provides buyers additional support to prolong the recovery rally.
However, In the last two days, the daily chart showed a minor pullback which will validate the price sustainability above the newly reclaimed support. If the altcoin managed to sustain above the $20.2 mark, the post-retest rally could surge the prices 48% higher to hit the $30 mark.
Also Read: Top 10 DeFi Lending Platforms In 2023
However, if the price witnessed an uncalled correction, the traders should look after the $20.2 and $18 support as their breakdown will weaken the bullish thesis.
Technical Indicators
EMA’s: the 20-50-and-100-day EMA slope turned upward accentuates an early sign of trend reversal. Moreover, the 50 and 100 EMAs are on the verge of a bullish crossover, providing a buy signal for interest market participants.
RSI indicator: the daily RSI Slope stays high into the bullish territory, projecting strong sentiment of bullish recovery.
Avalanche Coin Price Intraday Levels-
- Spot rate: $20.3
- Trend: Bearish
- Volatility: Medium
- Resistance levels: $25.8 and $30.5
- Support levels: $20.8 and $18
- SEC Chair Paul Atkins Says Crypto Is Top Priority At SEC CFTC Roundtable
- Legal Expert Breaks Down XRP’s Appeal as Ripple SWIFT Debate Heats Up
- Crypto Stakeholders Push Back as Banks Seek Yield Ban Provision in CLARITY Act
- Crypto ETFs Approval Faces Uncertainty as Government Shutdown Looms, Bloomberg Analyst Says
- Fed’s Hammack Backs Restrictive Policy Over Rate Cuts Amid Inflation Concerns
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
- Bitcoin Price Set to Rebound Ahead of US Government Shutdown, NFP Data
- XRP Price Prediction: How XRP Could React After October 2025 SEC ETF Decisions
- Aster Price Prediction as US President Adds $110M Worth of Tokens to His Portfolio
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
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.
