Over the past three weeks, the AVAX/USDT price action has been wavering in response to a cup and handle pattern. The altcoin is currently forming the handle portion of the pattern,which should surge the price 14.73% higher to reach $22.1. A potential breakout from this resistance would propel further recovery in price.
Key points:
- The AVAX price breached a minor resistance level of $18.5
- The Daily-RSI slope is on the verge of entering the bullish territory
- The intraday trading volume in AVAX/USD is $378.9 Million, indicating a 70% fall.
Source- Tradingview
On June 26th, the Avalanche(AVAX) recovery took a sudden turn around from the $22.21 resistance with a long bearish engulfing candle. Furthermore, the crypto market witnessed a sudden sell-off in late June, which bolstered the price fall within AVAX.
The downfall depreciated the altcoin by 28.5%, where it reached a low of $15.85. However, this revert acted as a retest to breached resistance trendline, which carried the bear attack Mid-May.
The replenished bullish momentum soared the AVAX price by 20.5%, where it is trading at the $18.97 mark. Furthermore, the five consecutive green candles backed by rising volume indicate a genuine recovery rally.
Today with a 7.32% intraday jump, the AVAX price breached a minor resistance of $18.53. A daily candlestick closing above this resistance would provide an additional foothold for buyers to rally ahead.
Thus if buyers succeed, the AVAX would rise x higher to $x.
Technical indicator
RSI indicator: Siding with the bullish side, the RSI indicator showcases a rise in the underlying bullishness, projecting a potential uptrend continuation.
Vortex Indicator: Multiple crossovers among the VI+ and VI- slope reflect ongoing consolidation of AVAX price below $22.1. However, the recent bullish crossover between these slopes may bolster pattern completion.
- Resistance levels: $22.1 and $27.8
- Support levels: $18.53 and $16
The post AVAX Price Analysis: $18.5 Breakout May Soar AVAX Recovery by 14.7% appeared first on CoinGape.
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