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- 1 AVAX price noted a reversal and is directing gains toward $50.
- 2 Buyers have acquired strength and are expecting more gains.
AVAX price noticed a falling channel breakout and noted a rebound from the 50-Day EMA mark, which led to a slow & steady move over the last few sessions. The price action depicts a reversal from its support zone of $30 and recovered over 40% so far. Additionally, the coin has decisively sustaining gains above the neutral region and looking to stretch the rebound to reach the bullish region.
AVAX price has climbed above the key moving averages and is heading toward its immediate hurdle of $50, the make-or-break region. Followed by the market surge, the coin gains momentum, and bulls have cleared their intention to lift the gains in the following sessions.
The Avalanche Coin (AVAX) price was $40.96 at press time, with an intraday drop of 5.03%, showing profit booking on the charts. Moreover, the trading volume decreased by 21.28% to $627.78 Million, highlighting the low investor interest. The pair of AVAX/BTC is at 0.000783 BTC, and the market cap is $15.06 Billion. Analysts are neutral and suggest that the AVAX price will gain momentum once it triggers $50.
AVAX On Daily Chart Exhibits Buyers Accumulation
On the daily charts, Avalanche coin has taken support on the 50 day EMA and marked a decent rebound which led to breach the channel upper neckline of $35. Afterward, the bulls could not stop the accumulation and continued extending the rebound. A breakout may trigger if the coin breaches its neckline of $50. After that, it may jump toward $55, followed by $60 on a short-term basis. Moreover, the trend is intact, and the coin is poised to retest the round mark of $50 in the following sessions.
The Relative Strength Index (RSI) curve stayed in the overbought zone and glimpsed a positive crossover highlighting the favorable bullish stance. Moreover, the MACD indicator still reflects green bars on the histogram amid the profit booking in the last session, which reflects that the coin may trigger a bounce in the next sessions.
AVAX On Weekly Chart Reveals Pullback From 20-Day EMA
On the weekly chart, Avalanche price pulled back from its 20-Day EMA mark and witnessed follow-on buying momentum in the last few sessions. The buying momentum signifies that buyers are setting their eyes on the $50 mark. Per the Fib levels, the coin has escaped the 38.2% zone and is targeting to climb above the 50% zone.
Summary
AVAX price has shown accumulation and a rebound from its support region of $30 was glimpsed in the recent sessions. Moreover, the coin has displayed a trendline breakout and may scratch the upside of $50, which will skyrocket the coin toward $55 in the upcoming sessions.
Technical Levels
Support Levels: $38 and $35
Resistance Levels:$48 and $50
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
