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- 1 AVAX coin displays a retracement and has retested the 50-Day EMA mark.
- 2 Buyers look strong and are looking to stretch the pullback toward $50.
Avalanche coin (AVAX) replicated a rebound from the demand zone of $20 and has retested the round mark of $50 in the previous sessions. However, the coin failed to sustain the mark and faced profit booking, which led to a retracement. However, the coin has retained strength and suggests a breakout above $50 is imminent. Moreover, the coin displays buyer accumulation as the bulls try to stretch the pullback.
AVAX coin price is trading near the 50-Day EMA support mark and is hovering close to the lower trendline, below $35; the coin may decline toward $30. Conversely, if a pullback happens, buyers will stretch the pullback toward $45, followed by $50 soon. However, the trend is neutral, and any major rally could only be triggered once the $50 mark was breached.
The Avalanche coin (AVAX) price was $36.88 at press time, with an intraday gain of 2.03%, showing neutrality on the charts. Moreover, the trading volume has increased by 28.21% to $244.69 Million. The pair of AVAX/BTC is at 0.000715 BTC, and the market cap is $13.92 Billion. Avalanche coin has a monthly return ratio of 20.52% and 100.78% on a yearly basis. Analysts are bullish and suggest that the Avalanche crypto (AVAX) price will continue to face volatility and may retest $50 soon.
Avalanche Displays Symmetrical Triangle Pattern, Pullback Soon?
Avalanche coin (AVAX) reflects volatility, forming a symmetrical triangle pattern, which suggests a rise in the following sessions. The coin price is close to the trendline support and is awaiting a rebound toward $40 soon. Per the Fib retracement levels, the coin was hovering below the 38.2% zone for the past few sessions.
The RSI curve stayed near the midline and formed a positive divergence, suggesting a bounce may occur in the following sessions while the MACD shows a bearish crossover, reflecting volatility.
AVAX Signifes Buyer Accumulation On Weekly Charts
Avalanche coin witnessed a recovery from the bottom and noted bulls’ accumulation, surpassing significant moving averages. Furthermore, the coin has attained buying momentum and will soon crack the $50 level. However, the price action shows volatility, as the coin awaits an aggressive move above $50 to trap the bears.
Summary
The Avalanche coin (AVAX) price is hovering near the lower trendline support mark of $35 and is anticipating a pullback soon. Moreover, the trend is volatile, and bulls are willing to retest the round mark of $50. However, the trendline hurdle of $40 must be breached for a significant rise in the following sessions.
Technical Levels
Support Levels: $35 and $30
Resistance Levels:$40 and $45
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.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
