Published April 17, 2023
AVAX Price Prediction: On April 16th, the Avalanche coin price gave a bullish breakout from a long-coming resistance trendline. This breakout could be an early sign of trend reversal and assist buyers to regain lost ground. As of now, the rising AVAX price will soon hit a multi-month resistance of $21.6 reassessing the buyer commitment to continue the bullish trend.
advertisement
Source- Tradingview
The Avalanche coin price has witnessed significant growth since last week recording a 20% growth from the $17.5 mark. Amid this recovery, the coin price breached a downsloping trendline which acted as a dynamic resistance to limit bullish growth.
This upside breakout hints at a sentiment shifty among market participants from selling on rallies to buying on price dips. However, the rising AVAX price currently trades at $20.95 and will soon face a high supply zone of $21.6.
Also Read: Top 6 Liquid Staking Platforms On Ethereum
The aforementioned resistance initiated the September 22’ and February 23’ downfall, accentuating the AVAX price will face strong selling pressure. Thus, a potential reversal from the $21.6 may tumble the price by 10% to retest the breached trendline.
Thus, the price sustainability above the trendline will offer buyers a long-entry opportunity, and drive the price 25% higher to poke the $26.35 mark.
EMAs: Along with the resistance trendline, the AVAX price also breached the 200-day EMA slope offering an additional confirmation for a trend change.
RSI: The daily RSI slope steadily makes progress into the higher level of the bullish territory offer indicating strong pressure in the market.
advertisement
Published 6 hours ago
Published 8 hours ago
Published 11 hours ago
Published 13 hours ago
Published 2 days ago
advertisement
advertisement
Your daily dose of Market analysis & Price updates.
