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Avalanche

Reversal

The post <a href="https://coinpedia.org/price-analysis/as-another-altcoin-in-a-wedge-avax-price-eyes-15-jump/" rel="noopener noreferrer nofollow">As Another Altcoin In A Wedge, AVAX Price Eyes 15% Jump</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With a repeating pattern in the crypto market, the top altcoins under the pullback phase form a bearish wedge pattern. However, as the end of correction phase match their timings, AVAX and other altcoins price present a bullish reversal.&nbsp;&nbsp;
Following the correction spree, the recent surge in demand prepares a bullish turnaround to surpass the $30 mark. Will the positive trend in the Avalanche token result in a bull run and a breakout rally in the coming week? Find out more in our <a href="https://coinpedia.org/price-prediction/avalanche-avax-price-prediction/" rel="noopener noreferrer nofollow">AVAX Price Prediction</a>.&nbsp;
<h2 class="wp-block-heading" id="h-avax-reversal-to-test-failed-supports-nbsp">AVAX Reversal To Test Failed Supports&nbsp;</h2>
With a higher price rejection last night, the AVAX price fails to sustain the high at $28.87. As a result, the Avalanche token slides down to end the day at $27.56, accounting for a 2.34% jump. Further, this marks the second consecutive positive day and creates a morning star pattern near the $26 base.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXf3EwmWJ4swd_8punqJIn5JDbrh8Wir2mWvc9WoboeHTdRbGYqJarovtCyZZHAdTFhCi3uEyvUNP08aNQ_OJYNkK8fPEiJVHlTswIjtJ4pFCBw7j6TP-qCS31s2lLhROZ6ZOjOGkk2qG68xSnEOoKBEVhDm?key=LwSLneZzR4AtgWe_t8XaUQ" alt="">
</figure>
<a href="https://www.tradingview.com/x/Kh4nvdWn/" rel="noopener noreferrer nofollow">Tradingview</a>
As mentioned before, the AVAX price action shows a falling wedge in the daily chart and the altcoin takes support from the base trendline. Hence, the bulls are asserting dominance at the confluence of trendline and $26 base.&nbsp;
With a 3.84% rise, the Avalanche token trades at $27.65 with a minimal intraday move, lacking momentum for trend continuation. However, the trading volume has increased by 25% over the last 24 hours, reflecting an ongoing brawl for trend control.&nbsp;
Technical indicators:&nbsp;
EMA: During the 27% drop in 14 days, the bearish influence over the AVAX price trend led to the 50D EMA crossing under 200D EMA. This marks a death cross in the daily chart, singaling a bear rush at play.&nbsp;
RSI: Unlike the EMAs, the daily RSI line shows a bullish divergence as it reverses from the oversold zone. With the bounce back, the momentum indicator reveals an increment in buying pressure.&nbsp;
<h2 class="wp-block-heading" id="h-will-avax-price-achieve-50-milestone">Will AVAX Price Achieve $50 Milestone?</h2>
As the altcoin takes support from the base trendline, the upcycle chances are strong in the AVAX price. However, the dominant bearish influence at higher price levels could result in a downtrend continuation.&nbsp;
Until then, the Avalanche token can test the overhead resistance near $32.&nbsp;

As Another Altcoin In A Wedge, AVAX Price Eyes 15% Jump

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