AVAX’s strong technical setup and growing interest from traders and investors point to the potential for a 25% rally...
, appears to be making a U-turn after a notable price decline in recent days. Like other major cryptocurrencies, AVAX is gaining attention from traders and investors due to its bullish pattern on the four-hour chart.At the time of writing, the altcoin was trading near $34.60, having surged by over 3.05% in the last 24 hours.
However, interest in altcoins cannot be limited to intraday traders. According to Coinglass, investors and long-term holders have begun accumulating tokens too. The on-chain metric for spot inflow/outflow found that exchanges have seen outflows of AVAX worth $3.54 million in the last 24 hours. This can be seen as a sign of potential accumulation, which could drive buying pressure and further upside rallies.According to AMBCrypto’s technical analysis, AVAX formed a bullish inverted head and shoulders pattern on the four-hour time frame. It seemed poised for a breakout, at press time.
Despite the bullish outlook, however, AVAX was still trading below the 200 Exponential Moving Average on the four-hour time frame, at press time. This indicated that it has remained on a downtrend. However, its Relative Strength Index of 53 suggested that maybe, it has the potential to continue its rally in the coming days.Vivaan Acharya is a Mumbai-based journalist with five years of experience covering technology and finance.
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