Aims For $30.0 As Buying Pressure Sustains

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Avalanche’s (AVAX) price has been on the bullish run for the straight third day. The market sentiment remains optimistic as the price continues to hold above the $25.80 threshold. More gains could be realized in the coming few sessions as AVAX is just a tad below the psychological $26.0 mark. Likewise, on the downside, the key support level to watch out be $24.0.

AVAX price trades higher on Wednesday as USD weaknes.
A Broader Crypto-market recovery aided the upside in the price.
AVAX/USD records gains of nearly 30% in the last three days.

As of writing, AVAX/USD is exchanging hands at $25.69, up 3.88% for the day.

AVAX Price Moves North

Source: Trading view

On the daily chart, the AVAX formed a price and volume contraction pattern. The price and volume contraction pattern is formed when the price starts to contract with no or small volumes at all, and after the breakout, the price breaks its resistance with increased volumes. The recent price action suggests that the fall has come to an end. This action resulted in a decent upside breakout with great volume.

Phemex

In addition to that, the AVAX price has breached the critical 50-day EMA at $23.27. Now, ff the bulls manage to produce a daily candlestick above $27.50, then the road to $30.0 would be easy to achieve.

Source: Trading view

On the hourly charts, the AVAX price trades in a consolidated manner. The nearest support is placed at around $23.40, which also coincides with  50% Fibonacci retracement.

Source: Trading view

If the price bounced from the above support level along with a good breakout of a bullish flag and pole pattern. This would result in a good up move.

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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