Avalanche (AVAX) Bulls Rebound from Support Zone
Avalanche (AVAX) is showing signs of a rebound as bulls push the price up from the $8.6 support level. Currently, AVAX is trading at $9.49 with a 4.5% gain in the past 24 hours and an 8.8% increase over the previous week. The trading volume has also surged by 47% to reach $177 million.
AVAX Bulls Initiate a Rebound on Falling Wedge
AVAX has been in a bearish trend since April 17, resulting in the formation of a falling wedge pattern. This pattern suggests a potential shift towards a bullish trend, providing an opportunity for investors to enter the market after a long downtrend.
A Twitter user indicates that if any bullish activity occurs, it will likely be evident today or later in the week.
The current price rebound from the lower boundary of the falling wedge suggests that bulls have gained control. If this rally continues, it could drive the price above the falling wedge, confirming a bullish trend in the coming weeks and throughout Q4 of 2023.
The relative strength index (RSI) supports the bullish outlook as it has rebounded and is approaching the overbought zone at a level of 55, indicating significant buying pressure.
However, the 50-day and 200-day moving averages are trading above the price, suggesting a possible price retracement for AVAX. The 50-day moving average also acts as immediate resistance. To maintain bullish momentum, bulls need to overcome both moving averages.
AVAX Bullish Bias
Based on the analysis, AVAX has a bullish bias supported by the falling wedge pattern. If the bullish trend continues, the price could reach resistance levels at $12.71 and $14.93. However, if bears gain control, the price may retreat to the $8.62 support zone.
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