Avalanche (AVAX) price faced a constant attack of bears as early as 2022. The coin has lost almost 37% from its previous high of $128 and dropped to the 0.5 support level. FIB (79.2). The technical chart shows a reversal signal from this support area, hoping for a rally.
Main technical points:
- AVAX bulls reclaim the 100-day EMA
- Daily Stochastic RSI provides bullish crossover of K and EAS lines
- AVAX coin’s intraday trading volume is $858.8 million, showing a loss of 19.2%
The source- Tradingview
The last time we mentioned an article about avalanche the coin, the pair showed an impressive bounce, towards the All-TIme high resistance of $147. However, the price faced intense supply from the midway resistance at $128. la, leading to a bearish crossover.
As a result, the price started to decline again and returned to the 0.5 Fibonacci retracement level. The coin price spent a few days trying to determine enough demand pressure from this support area before giving this slight reversal signal.
The recent bloodbath in the crypto market has engulfed important EMA levels (20, 50, and 100). The price is still trading above the 200 EMA, indicating an overall bullish outlook for the coin.
The Daily-Stochastic RSI shows the K and D lines providing a bullish crossover, providing further confirmation for a bullish reversal.
AVAX Price Shows a Double Bottom Pattern in the 4-Hour Time Frame
The source- Tradingview
AVAX price formed a double bottom from a basic level of $79.2. The coin price is quite close to the resistance neckline of $98.2. Once the price shows a decisive breakout and sustainability above this level, crypto traders can look for long-term opportunities.
The Relative Strength Index (63) shows a prominent pump against the price action, indicating a growing underlying bullish bias for the coin.
The Supertrend indicator turns green as price shows a steady rally in this lower timeframe chart.
- Resistance levels- $98.2 and $117
- Support level- $86 and $79.2