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Vikram
Feb 21, 2022
by Vikram

AVAX Technical Analysis: Will AVAX Touch $100 With A Triangle Breakout? 

AVAX
The AVAX coin price shows a bullish reversal from the support trendline of the triangle pattern. Will this reversal surpass the resistance trendline?

The AVAX coin price shows a 20% downfall from the recent rejection near the utmost resistance of the triangle pattern. However, the bulls help recover the altcoin prices near the support trendline and keep the resonance going within the triangle. Will bulls outgrow the resistance trendline?

Key technical points:

  • AVAX coin price forms a symmetrical triangle pattern.

  • The altcoin prices sustain above the 200-day EMA.

  • The 24-hour trading volume in the Avalanche token is $1.06 Billion, indicating an 11% rise. 

    • Past Performance of AVAX

    The AVAX coin price action shows a symmetrical triangle pattern in the daily chart as the price reverses from the support trendline. The resistance trendline seems more experienced and powerful as it has crushed multiple bullish attempts to surpass it. Nonetheless, the more than 50% jump in the past month brings a solid uptrend to challenge the sellers driven trendline. 

    Currently, the market value of a single AVAX token is $82.41, with a 6.44% spike in the latest daily candle.

    TradingView Chart

    AVAX Technical Analysis 

    The rising number of buyers projects the possibility of a bullish breakout which can face resistance near the $100 and $115. On the opposite end, the downfall can find support near $65 and $50.

    The crucial 50 and 100-day EMAs merge near the $84 mark that may soon give a trend-setting crossover. Moreover, the price sustained above the 200-day EMA in the daily chart as it provides support below the triangle. 

    The RSI Indicator shows the slope breaking below the long-coming support trendline and brings a hiccup in the uptrend. However, the slope retests the 50% mark and aims to rise into the nearly overbought zone. 

    The MACD indicator shows a bearish crossover of the MACD and signal lines above the zero mark. Moreover, the start of bearish trend histograms indicates an increase in the underlying selling pressure. 

    In short, the AVAX technical analysis projects the possibility of a bearish triangle breakout.

    Upcoming Trend

    The AVAX coin price keeps resonating within the symmetrical triangle pattern as the side of the technical indicator with the bears. Moreover, the long-coming resistance trendline creates a bigger bearish influence than the support trendline.

    However, traders can for the price action confirmation to avoid any traps. Until then, the reversal within the triangle brings multiple trading opportunities. 

    Support Levels: $75 and $60

    Resistance Levels: $100 and $115

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    Avalanche AVAX
    AVAX Technical Analysis: Will AVAX Touch $100 With A Triangle Breakout? 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.