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- Avalanche Coin moves with the bulls as the bears start covering their short positions near the $16 support.
- In the 4-hours price graph, AVAX Coin is seen above the green zone of the Super Trend indicator.
- On the weekly time frame, the AVAX coin is consolidating between the $16 to $22 horizontal range.
Avalanche coin started an upward journey after retesting the $16-immediate support line twice. As Bitcoin hovers near the $20K area, most of the altcoins are attempting to manage a recovery in the higher regions.
AVAX on 4-hour chart
AVAX coin overcame selling pressure on June 24 as the bulls broke the downsloping trendline. At the same time, the price trend is forming a higher-highs pattern for the past several days after retreating from the immediate support at $16.
However, with the support level being tested twice again in the last 20 days, speculators can take this bounce as the last opportunity for higher momentum. Meanwhile, AVAX Coin is forming a five-strong bullish candlestick in terms of the daily price chart, while altcoin is trading at the $18.18 mark at the time of writing.
Amid short-term accumulation, the $22 area is found to act as an upcoming bullish barrier for buyers to successfully manage costs above the conceptual round level of $20. After BTC stabilized above $20K, AVAX pair price with BTC is up 4.4% in Green Zone at 0.000909 Satoshis.
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Similarly, in the 4-hours price graph, AVAX Coin is seen above the green zone of the Super Trend indicator.
What to expect next in AVAX Coin?
The Stoch RSI indicator is again moving higher towards the higher zone in terms of the daily price chart. Meanwhile, the MACD indicator continues to move upwards after the bullish crossover, but still the MACD keeps hitting the neutral zone.
conclusion
Buyers may propel the Avalanche coin to the higher side amid ongoing bounce-back. Meanwhile, the MACD is showing bullish signals, as well as the Super Trend indicator, favoring the bulls. Therefore, expect the AVAX token to retest the current levels towards the immediate resistance.
Support level – $16 and $10
Resistance level – $21 and 30
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
