Avalanche [AVAX] recovered all the losses made in mid-March. But further long-term uptrend may only be likely if it overcomes a key stiff supply area of $21- $22.
was below $30k at press time. Should BTC experience more downward pressure in the coming days/week, AVAX may experience a pullback and offer shorting opportunities.On the 12-hour chart, the RSI surged into the overbought zone, as did the stochastic RSI. However, the overbought condition also sets AVAX for a potential trend reversal. AVAX may experience a pullback before attempting to surge if that is the case.
A session close above the supply zone of $21- $22 will invalidate the above thesis. However, traders should watch out for a fake breakout like the one seen in early February, which surged to $23 before dropping below the supply zone. At press time, development activity improved slightly, alongside an upswing followed by an improved sentiment. If the trend persists, bulls could attempt to clear the obstacle at $21 – $22.
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