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The AVAX/BTC pair was trading at 0.0006126 BTC with a rise of 1.82% intraday. Following its new 52-week low at the end of the previous trading year, the AVAX price began to rise again. This led to the token price exceeding its primary and secondary support levels, as well as breaking through the primary resistance level of $18.024.
The reason for the prior downtrend in AVAX’s price could potentially be attributed to the formation of the evening star candlestick pattern on the daily time frame chart. This pattern caused the price to drop to its secondary support level of $14.141. Despite this, the buyers made another attempt to push the token’s price higher but were met with rejection from the primary resistance level due to lack of active buyers in the market.
Avalanche price prediction suggests the token has successfully broken out from its consolidation phase with the help of buyers. If the buyers maintain their momentum, it may show a bullish rally on the chart. This means that AVAX’s price could potentially rise in the near future if there is enough demand from buyers to drive the price upwards.
The trading volume of the token increased by 80.63% in the last 24 hours, indicating a relationship between the trading volume and the price of AVAX, showing an increase in bullish intent.
The Relative Strength Index (RSI) is increasing in the overbought zone and has shown a positive crossover. This suggests the buyers are in the majority in the market and pushing AVAX upwards. The current value of RSI is 59.72, which is above the average RSI value of $54.47.
MACD and the signal line are also increasing above zero and have shown a positive crossover over the daily chart supporting the RSI claims and indicating strength in the current bullish trend.
Avalanche price prediction suggests that if the uptrend pattern holds, the token price may ultimately reach secondary support. The sudden increase in the trading volume shows positive sentiment toward the AVAX token.
RSI and MACD both are increasing and have shown a positive crossover on the daily trading chart, which shows strength in the current uptrend.
Resistance Levels: $18.02 and $21.24
Support Levels:$16.25 and $14.14
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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