Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Over the last four days, there has been an improvement in broader market sentiment. As a result, Avalanche [AVAX] noted an up-channel recovery while the bulls heightened their pressure. Also, the altcoin flipped the […]
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.. As a result, Avalanche [AVAX] noted an up-channel recovery while the bulls heightened their pressure.
AVAX shed more than half its value and dived towards its ten-month low on 19 June. Since then, buyers have inflicted higher troughs on the chart. However, the altcoin saw multiple up-channel recoveries that struggled to close above the $22-resistance. Furthermore, the price finally found a spot above the 200 EMA after three months. With the 20 EMA looking north, any bullish crossovers would only reaffirm the buying strength in the coming days.
A robust close below the upper trendline of the up-channel could pull AVAX to retest the $20-mark. Any close below this level would affirm a breakdown from the pattern. In this case, the immediate trendline resistance near the $19.1-$19.3 range could cushion the drawdowns.The Relative Strength Index resonated with the recently increased buying power while being at the brink of the overbought zone. A potential reversal from this level could be plausible.
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