AVAX Technical Analysis: Channel Breakout Rally Launches From $15
Table of contents
Key technical points:
Past Performance of AVAX
The bullish turnaround from the $15 mark in AVAX prices results in the resistance trendline breakout of the falling channel pattern. The breakout rally takes a setback at $22, resulting in a retracement to retest the broken trendline, accounting for a 28% drop last week. However, the buyers reclaim the trend momentum with a rounding reversal at $15 and the support of increased trend momentum.
Source- Tradingview
AVAX Technical Analysis
AVAX prices jump 8% today, forming a bullish candle displaying the start of a reversal rally to reach the $22 mark. Hence, traders can find a suitable low-risk buying spot at the current market prices. The MACD indicator Shows the fast and slow lines struggling to sustain the uptrend as they approach the zero line. Nonetheless, the indicator shows a gradual growth in buying pressure, increasing the likelihood of a price jump.
The RSI indicator showcases a rounding reversal in the nearly oversold zone and surpasses the 14-day SMA. Hence, the indicator showcases growth in the underlying bullishness and points to the prolonged uptrend theory. Therefore, the technical indicators maintain an optimistic point of view for the upcoming price trend. In a nutshell, the AVAX price analysis forecasts a bullish trend continuation and increasing the market price this coming week.
Upcoming Trend
AVAX buyers can expect the bullish reversal at $15, leading to a bull run surpassing $22 and the 50-day SMA reaching $28.
Resistance Levels: $22 and $28
Support Levels: $15 and $12