AVAX Holds Steady And Sets Sights On $50 Barrier Breach

The price of Avalanche, (AVAX), may interest many analysts due to its strong performance in a bear market.

  • AVAX prices reveal a constant ramping activity along with an increase in price.
  • Avalanche RSI reveals a break in the overbought area.
  • The $50 barrier can be breached with high probability.

AVAX shows solid traction at $29.50

CoinMarketCap says that AVAX is trading at $29.50 right now and showing incredible bullish traction, with a 5.45% increase as of the time of writing.

High volatility can be predicted by traders if the market is in a favorable environment. The token’s price may be ideal for scalping this month. A bull run is evident in technical indicators like the AVAX Price. More so, the token’s RSI was able to breach the overbought zone. In addition, Avalanche’s Volume Profile Indicator shows a ramping pattern.

With these technical patterns, it’s wise to conclude that AVAX price is on the calm phase awaiting the storm surge. A breach of $30.50 might be enough to propel the coin higher. The token’s first target is set at $40 and next will be at $50.

AVAX won’t drop below $22 if the technical patterns prove to be bullish. A bearish tendency can affect the AVAX price uptrend as AVAX can fall to $15 or even $10.

AVAX suggests a rounding bottom pattern

The Avalanche daily chart shows that the pattern of the rounding bottom is very prominent. AVAX was able to break the resistance zone at $28.8 and is now looking for higher. However, trades must ignore supply pressure and provide candles closing that hover above the barrier.

On August 8, the long-tail rejection was spotted. This suggests that sellers struggled to maintain the barrier of $28.8.  In addition, the daily chart also indicates Avalanche’s bullish crossover sliced in the middle of the 20-and-50-day EMA. AVAX intraday trading volume indicated a pump of price at 6.68%, or $891.6million.

AVAX/USDT saw an amazing reversal in its price movement, after falling to $14.94 as it did in June 2022. This bullish movement saw the price rise by 118%, reaching $30 after peaking at $14.94 in June 2022.

An immediate price reverse formed a rounding bottom with the neckline at $37. It is very bullish, and it breached the $28.44 area showing increased buying.

The bullish trend has been reversed, but a candle near $28.75 is an important sign to confirm formation of the bottom-rounding pattern.

AVAX market capital total at $8.4 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com

Featured Image from Forkast. Chart by TradingView.com

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