Published 3 hours ago
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.
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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.
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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.
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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.
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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
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/is-avalanche-coin-price-ready-to-hit-30-mark/
