AVAX noted gains of 26.6% in the past week and could surge even higher but the higher timeframe trend was not yet flipped bullishly.
The price action of AVAX turned bullish in the short term over the past week, but the higher timeframe trend remained bearish. Traders could use the resistance zones that loom large to craft their AVAX trading plans.The RSI on the daily chart was above neutral 50, showing momentum was changing. This could be an early sign of recovery, but the price action remained firmly bearish. The closest significant lower high is at $34.
The buying volume was not large enough yet, and therefore, the bias on the daily timeframe remains bearish. The Fibonacci retracement levels showed that a bearish reversal is expected at the $34.8 and $37.9 levels.Even though the higher timeframe trend was bearish, lower timeframe traders profited from the recent price bounce. The Open Interest rose from $140.2 million to $181.1 million at press time.
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