Avalanche Price Analysis: Is AVAX Prepared to Breakout this Recovery Pattern?


  • Avalanche price has been trading inside an ascending triangle pattern over the daily price chart.
  • AVAX crypto has successfully recovered above 20 and 50 EMA and now prepares for 100 and 200-days Daily Moving Average.
  • The pair of AVAX/BTC is at 0.001099 BTC with an intraday gain of 6.69%.

Avalanche price has been recovering through an ascending triangle pattern over the daily chartr. The token is currently trading with strong uptrend momentum over the chart. AVAX coin is heading towards the upper trendline or neckline of the ascending triangle pattern over the daily chart. AVAX  bulls must maintain the current uptrend momentum to register the token’s breakout. Meanwhile, volume change also signifies the presence of buyers and they are continuously trying to push the token towards the neckline at $26.65. AVAX investors must wait until bulls sustain at the threshold of the ascending triangle pattern. 

Avalanche Price is currently estimated at $25.59 and has increased its market capitalization by 7.18% over the past 24 hours. The intraday trading session saw a 45.36% rise in trade volume. This demonstrates that buyers are engaging in the transaction and are attempting to move the token closer to the neckline. Volume to market cap ratio is 0.08576.

The price of AVAX cryptocurrency has fallen throughout the last trading sessions, but the token is now finally positive and is attempting a steady recovery toward the ascending triangle’s neckline at $26.65. AVAX cryptocurrency has made progress up to the 20 and 50 EMA but is still lagging behind the 100 and 200-day Daily Moving Average. To allow the token to climb and record its recovery over the daily price chart, AVAX bulls must go forward. However, the volume change is below normal and must increase for AVAX to rise. 

Will AVAX Surge out of the Ascending Triangle?

Over the daily price chart, the AVAX coin price is attempting to climb into the pattern’s neckline, an ascending triangle. For the token to rise toward the upper level and record its breakout, more buyers still need to sign up. Technical indicators suggest the uptrend momentum of AVAX coin.

Relative Strength Index showcases the uptrend momentum of AVAX coin. RSI is at 62 and is approaching the overbought territory. MACD exhibits the uptrend momentum of AVAX coin. The MACD line is ahead of the signal line. 

Conclusion

Avalanche price has been recovering through an ascending triangle pattern over the daily chartr. The token is currently trading with strong uptrend momentum over the chart. AVAX coin is heading towards the upper trendline or neckline of the ascending triangle pattern over the daily chart. AVAX  bulls must maintain the current uptrend momentum to register the token’s breakout. To allow the token to climb and record its recovery over the daily price chart, AVAX bulls must go forward. However, the volume change is below normal and must increase for AVAX to rise. Technical indicators suggest the uptrend momentum of AVAX coin.

Technical Levels

Support Levels: $22.25 and $20.20

Resistance Levels: $26.65 and $27.80

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

Latest posts by Ritika Sharma (see all)

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