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Avalanche Price Analysis: AVAX Coin Trades into the Triangle Pattern; Will it hit $30-Resistance? 

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Avalanche Price Analysis
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  • The Avalanche coin displays a slight uptrend above the upwards trendline.
  • Last week traders saw a Long-legged Doji candle, also the price was observed inside it this week.
  • The trading volume dropped by 18% over the last night at $453 Million. 

The Avalanche (AVAX) coin again started to deny bears’ orders as it seems to be bullish for the past several days. In between Mid-April to Mid-May, bears scary became the witness of sharp decline, where buyers saw a novel 2022 low at $13.7 mark. This was an excellent trend-changing point for bulls.

Buyers barely manage to keep AVAX price under uptrend, and price action suggests the higher-lows formation in the course of the daily price scale. Also, bears continue to sell altcoin near the short-term downsloping trendline (below the chart). Meanwhile, the Avalanche coin is trading at $23.8 Mark at the time of writing. 

Bears seem to be exhausted after a dramatic decline in 2022. As a result, AVAX bulls are going to push asset above the downsloping trendline (white). Last week traders saw a Long-legged Doji candle; also, a price was observed inside a previous weekly candle. Amid uptrend, the market cap reached above $6.78 Billion in the last 24 hours. 

Above this immediate bullish hurdle, buyers may struggle near the $30-round level. Besides, in recent dip, price action noted bullish hammer candle bear $20 level, so may act as short-term support if h price fails to move above the bearish trendline. Meanwhile,  trading volume dropped by 18% over the last night at $453 Million.

Buyers Have Set Buying Order at 20-DMA

In the course of the daily price scale, the 50-day moving average remains below the current price of AVAX. At the time, the bulls barely defended themselves above 20 DMA (White). Moreover, the RSI indicator again turned towards the overbought zone after taking support at the semi-line. 

Conclusion 

Avalanche (AVAX) coin is trading above the 20-day moving average, suggesting an uptrend until price reaches 100-DMA. Although the asset price looks below the downsloping trendline, buyers need to break this bullish hurdle. 

Support level – $16 and $10

Resistance level – $22 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.

Nancy J. Allen

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