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Cryptoknowmics 2022-07-04 23:02:32

AVAX Technical Analysis: Channel Breakout Rally Launches From $15

AVAX price action shows a post-retest reversal gaining trend momentum near $15, teasing a price jump to the overhead resistance at $22. Key technical points: The AVAX market price action shows a bullish turnaround from $15. The post-retest reversal eyes the 50-day SMA. The 24-hour trading volume of Avalanche is $399 Million, indicating a rise of 91%. Past Performance of AVAX The bullish turnaround from the $15 mark in AVAX prices results in the resistance trendline breakout of the falling channel pattern. The breakout rally takes a setback at $22, resulting in a retracement to retest the broken trendline, accounting for a 28% drop last week. However, the buyers reclaim the trend momentum with a rounding reversal at $15 and the support of increased trend momentum. Source- Tradingview AVAX Technical Analysis AVAX prices jump 8% today, forming a bullish candle displaying the start of a reversal rally to reach the $22 mark. Hence, traders can find a suitable low-risk buying spot at the current market prices. The MACD indicator Shows the fast and slow lines struggling to sustain the uptrend as they approach the zero line. Nonetheless, the indicator shows a gradual growth in buying pressure, increasing the likelihood of a price jump. The RSI indicator showcases a rounding reversal in the nearly oversold zone and surpasses the 14-day SMA. Hence, the indicator showcases growth in the underlying bullishness and points to the prolonged ...

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