Posted 7 hours ago
Earlier today, the Avalanche coin price showed a gain of 8.05% and tested the local resistance at $22. However, a sudden selling pressure in the crypto market reversed the price with a long rejection candle and plunged the altcoin to its current price of $18.91. Therefore, a possible correction could offer a retracement opportunity for interested buyers.
- The AVAX chart features supply pressure at $20.
- A potential correction could retest breached resistance such as $17.8 and $16.5
- Intraday trading volume on AVAX is $502.2 million, indicating a profit of 80%
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Avalanche (AVAX) price witnessed a V-shaped recovery from the $14.5 support amid the recent recovery phase in the crypto market. Thus, altcoins it registered a growth of 36% in fifteen days and reached a maximum of $19.8.
The gradual growth in volume activity indicates the trader’s interest in long positions and the high possibility of further development. However, the long wick rejection attached to the daily candle indicates supply pressure from above.
Although this rejection suggests short-term traders booking profits, AVAX price may see a longer correction or consolidation if selling pressure. Regardless, the support at $17.8 to $16.5 is suitable to trigger a post-correction rally. Therefore, with sustained buying, prices should rise 16.5% to hit the $22 mark.
Conversely, a breakdown below $16.5 will offset the bullish thesis and push the price back down to the $x mark.
EMA- During the previous drop, the falling EMAs (20, 50, 100 and 200) acted as significant dynamic resistance to sink the price lower. However, prices reclaimed these EMAs with the recent rally as they should become viable support.
RSI- the daily RSI slope climbing higher into bullish territory indicates growth in the underlying uptrend.
Intraday Avalanche Price Levels
- Volatility- Medium
- Resistance levels: $38.3 and $53
- Support Levels: $30 and $22
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.