AVAX Technical Analysis: Will AVAX Prices Exceed The Trendline?
Table of contents
Key Technical Points:
Past Performance of AVAX
The AVAX price action shows a resistance trendline m fuelling the downtrend in motion, and accounts for a 40% down for last month. However, the price action took a lateral tone after finding support at the $15.65 horizontal level. The growing influence led to a double tap within the consolidation, but buyers at the $15.65 level were successful in defusing the situation.
Source - Tradingview
AVAX Technical Analysis
The AVAX prices take a bullish turnaround after finding Neutralising the double top pattern leading to a 12% growth overnight. Additionally, the reversal completes a morning star pattern within the descending triangle, increasing the likelihood of a bullish breakout.
The MACD and signal lines maintain a bullish outlook, avoid multiple bearish crossovers and continue approaching the positive territory. Hence, the technical indicator displays high perseverance of the underlying bullishness.
The RSI indicator shows a sideways trend in the nearly oversold zone, constantly crossing the 14-day SMA. Hence, the indicator supports the possibility of a trendline breakout.
In a nutshell, AVAX price action and the technical indicators maintain a bullish point of view for the upcoming price trend.
Upcoming Trend
If the AVAX Prices exceed the resistance trendline, a bullish jump to the overhead resistance at the $22 mark seems inevitable.
Conversely, a reverse shell from the resistance trendline might drop the prices to the crucial support of $15.65.
Resistance Levels: $20 and $22
Support Levels: $17 and $15.65
