Published 52 mins ago
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.
- 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.
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.
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 presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.