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- AVAX coin’s trading volume has surged 211% in the past 24 hours.
- The AVAX price has jumped by 50% in the past 17 days, indicating the buyers’ grip.
In mid-March, the AVAX price reached a 52-week high of $65.38, disturbing the bullish trend. The chart showed that the Avalanche crypto price failed to sustain the $60 hurdle and performed negatively.
AVAX price had lost around 50% till now from its 52-week high. The crypto asset price triggered a breakout from the 20-day EMA in mid-July and came for the retest. After retesting, the Avalanche price shot up 21% in 3 days and extended to the 200-day EMA level.
The recent bearish trend was halted near the $24 hurdle and formed a double-bottom pattern. The sellers had tried twice to drag the price below the $24 mark, but the buyers were strong enough to prevent that.
Based on the technical indicators, the Avalanche coin price has surpassed the 20-day EMA and reached the 200-day EMA. MACD has displayed a bullish crossover, and the histograms have remained green for a long time. Overall, the technical indicators favored a bullish forecast at the time of writing.
The RSI Analysis
COINBASE: AVAX/USD 1-D Chart for Bullish Divergence
The Relative Strength Index (RSI) formed a bullish divergence, which indicated the bullish momentum ahead. The RSI was at 64, had recovered from the oversold zone, and reached the overbought zone.
Is It Time to Pack the Bag with AVAX Crypto?
A source on X claims that the Avalanche coin price can turn for a massive upmove. According to the chart, the given technical indicator is at the crucial level of bullish momentum in terms of historical momentum.
It's going to be $AVAX turn soon.
— CryptoDaddi (@TheCryptoDaddi) July 22, 2024
I hope you packed your bags. pic.twitter.com/mHOa9exWBo
The liquidity was grabbed below the key moving average in the 3-day time frame and was ready to shoot up soon.
AVAX Price Triggered a Breakout from Falling Wedge Pattern; What’s Next?
When writing, the Avalanche crypto traded at $31.92, losing 2.24% in the past 24 hours. The market capitalization was $12.62 Billion, and the 24-hour trading volume was $850.96 Million.
The AVAX price shaped a falling wedge pattern in the daily time frame and triggered a breakout. After the breakout, the price surged by 24% in less than a week.
The price had extended to the 200-day EMA and showed weakness. Intense buying pressure can be possible if the AVAX price exceeds the 200-day EMA. If the volume increases at the time of breakout, the price may approach the $50 mark.
On the other hand, if the Avalanche price faces resistance from the 200-day EMA, short-term profit booking can be anticipated. Assuming the price starts trading below the 20-day EMA, profit booking on a larger scale can be seen.
Will AVAX Price Recover From Bottom?
The AVAX price has performed positively since the breakout from the falling wedge pattern and reached a crucial level. Based on the chart structure, the liquidity was grabbed below the $30 mark, and the price is ready to skyrocket soon. If the price exceeds the 200-day EMA with the surge in volume, buyers may dominate further.
Technical Levels
The bullish momentum in Avalanche crypto might disturbed near the $37 and $50 levels. The bearish trend could halt at the $29.50 and $24 levels.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
