AVAX Technical Analysis: Bullish Reversal Struggles Near 50-day EMA

Table of contents

  1. Past Performance of AVAX
  2. AVAX Technical Analysis 
  3. Upcoming Trend

AVAX coin price shows a bullish reversal within the symmetrical triangle. Will the reversal trend outgrow the triangle pattern?

Key technical points:

AVAX coin price offers a turnaround from the support trendline.The Stochastic RSI gives a bullish crossover.The 24-hour trading volume in the Avalanche is $1.84 Billion, marking a 55% rise. 

Past Performance of AVAX

AVAX prices show a reversal of almost 10% from the support confluence of an ascending trendline and the 200-day EMA. The reverse struggles to surpass the 50-day EMA as the daily candle hints at a wick formation. However, the increasing buying pressure may shortly overcome the sellers at the average. 

TradingView Chart

Source-Tradingview

AVAX Technical Analysis 

AVAX prices can reach the maximum resistance of the symmetrical triangle with the 50-day EMA breakout. However, if buyers maintain the grip over trend control, the altcoin may outgrow the triangle pattern. 

Examining the triangle, the resistance trendline looks relatively more concrete than the support trendline as it has crushed multiple bullish attempts. Hence, increasing trading volume is a must for a bullish breakout.

The altcoin prices move within the 50 and 200-day EMA as it stumbles to avoid a death cross. However, the increasing bullish momentum projects the possibility of a trend reversal in EMAs and surpassing the 50-day EMA.

RSI Indicator: The RSI slope surpasses the 14-day average with a parabolic reversal, indicating a high likelihood of exceeding the 50% mark and the sideways trend.  

Stochastic RSI Indicator: The K and D lines escape the oversold zone with a bullish crossover. Moreover, a divergence is evident in the last two dips at the support trendline.

In short, AVAX technical analysis takes a bullish view and appeals to a triangle breakout. 

Upcoming Trend

AVAX coin price may shortly surpass the $80 mark and reach the $100 resistance zone with the triangle breakout as the buying pressure increases in the recovering market. 

Otherwise, closing below the 200-day EMA will nullify the bullish breakout possibility.

Support Levels: $70 and $60

Resistance Levels: $90 and $100

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