AVAX Technical Analysis: $28.5 Breakout Soon To Reach $32.40

Key technical points: 

Past Performance of AVAX

As mentioned in our previous article, the AVAX prices took over the sellers at the $25 mark after retesting the $22 mark twice. Moreover, the V-shaped reversal accounts for a 28.7% jump in the last six days, undermining the higher price rejection candles near $28.

Source- Tradingview

AVAX Technical Analysis 

Last month, the AVAX price attempted a double top pattern formation after facing rejection from $25. However, the recent reversal from the support trendline with a morning star pattern approaches the $32.40 mark.

The 20-and-50-day EMA flipped into viable support and encouraged the AVAX price to challenge the 100-day EMA. Moreover, the 100-day EMA breakout will fuel the uptrend to breach the $30 mark.

The daily-RSI slope jump above the midline and 14-SMA slope, suggesting that the market sentiment inclines bullish. Therefore, the momentum indicator supports uptrend continuation.

The MACD indicator shows a bullish crossover, but the sideways trend in the fast and slow lines demands an increase in the bullish gap before signaling a buying signal. Hence the technical indicator shows recovering underlying bullish sentiments. In a nutshell, the AVAX Technical Analysis suggests a high likelihood of a 100-day SMA breakout to reach the $32.40 mark.

Upcoming Trend 

The sustained buying pressure would allow AVAX price to rechallenge the $32 resistance. A bullish breakout from this resistance would indicate the buyers are ready for another leg up, offering potential buyers a 16% growth opportunity. Conversely, a failed attempt to sustain above the $28.5 would signal weakness in bullish commitment and trigger a significant correction.

Resistance Levels: $32.40 and $35

Support Levels: $30 and $28