AVAX coin price shows a solid triangle pattern in the daily chart that has kept the overnight bullish growth of almost 15% within the check.
Key technical points:
- The AVAX coin price fails to outgrow the triangle pattern despite 15% overnight growth
- The Stochastic RSI shows the K and D line avoid a bearish crossover
- The 24-hour trading volume in Avalanche’s token is $2.25 Billion, indicating a 45% rise.
Past Performance of AVAX
AVAX coin price shows the bullish growth of almost 15% overnight resulting in a complete bullish engulfing candlestick and a short follow-through candle with 15 hours left. The rally surpasses the $85 mark and outshines the merged 50 and 100-day EMA. However, the rally shows higher price rejection from the resistance trendline of the triangle pattern.
AVAX Technical Analysis
The AVAX coin price shows a boom in buying pressure evident by the jump in trading volume, but bulls struggle to surpass the resistance trendline. However, the increasing recovery of the overall crypto market can result in the triangle breakout. The crucial daily EMAs show the 50 and 100-day averages merged to give a potential crossover. However, the recent recovery can help avoid the crossover and maintain the bullish alignment. The MACD indicator shows the fast and slow lines give a bullish crossover in the positive territory with the recent reversal. Furthermore, the start of a bullish MACD histogram hints at a potential uptrend that may break above the resistance trendline. The Stochastic RSI Indicator shows the K and D lines avoiding a fatal bearish crossover with the recent recovery and maintaining a bullish trend. Therefore, the indicator shows the bull cycle surviving a bear attack. In a nutshell, the AVAX technical analysis reflects a potential triangle breakout that may surpass the $100 resistance zone.
The AVAX coin price remains within the triangle pattern and hints at a potential breakout as the buying pressure grows all over the crypto market. However, safe traders must wait to surpass the trendline before taking a bullish stand. Traders can expect the rally to reach the $100 mark and bring back the bullish momentum. Support Levels: $75 and $65 Resistance Levels: $90 and $100