AVAX Technical Analysis: Will AVAX Prices Rebound Above $20

Time Stamp: June 20, 2022 6:30 PM
Source Node: 1484360

AVAX Technical Analysis

AVAX price action shows a bull cycle ready to start in the falling channel pattern promoting the idea of a price jump to $20. Key technical points: The AVAX market price has increased 10% over the past 24 hours. The price action shows a falling channel pattern in the daily chart. The 24-hour trading volume of Avalanche is $601 Million, indicating a hike of 9.12%. Past Performance of AVAX AVAX prices have steadily declined in response to a falling parallel channel in the daily chart. The downward spiral pushed the altcoin to a low of $14, resulting in a dip to the support trendline. However, the lower price rejection at the trendline and the tweezer bottom formation hint at a bullish reversal. Source- Tradingview AVAX Technical Analysis  The AVAX price action shows the bull cycle struggling to launch as the higher price rejection in the daily candle warns of a rise in selling pressure. Hence, traders hoping for a bullish reversal must wait for the resistance trendline breakout. The market price has traded between the lower and mid-band of Bollinger band indicators, indicating an aggressive selling market. Moreover, the midline moves along with the resistance trendline representing a high supply zone. The daily-RSI slope escapes the oversold area but takes the opposite direction as the market price struggles to climb above the resistance trendline. Furthermore, the RSI line rises over the 14-SMA and signals an increase in bullish momentum. The MACD and signal lines in the daily chart regain the bullish alignment as the positive histograms regain trend momentum. Hence, traders can expect the bullish trend to start with the resurgence in positive histograms. In a nutshell, the AVAX technical analysis displays a high likelihood of a further trend continuation within the bearish pattern. Upcoming Trend If the buying pressure continues, AVAX prices will break the dynamic resistance trendline and reach the $28 mark. However, failing to surpass the $20 mark will result in downfall to $12. Resistance Levels: $18 and $20 Support Levels: $15 and $12

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