AvalancheLong
Finding What AVAX Price Structure Could Display Next?
AVAX displayed a bullish presence over the past two weeks, when BTC sustained by July 5th onwards on the daily, and the crypto-landscape resonated green. As of writing, it presents the possibility of continuing its upward trajectory or breaking from a bullish pattern, precisely the falling wedge from the demand zone of $22.0.
The AVAX had a gripping price action after the prolonged consolidation that ended December 2023 on the daily chart. The price displayed the effectiveness of the resistance-turned-support $22, from where the price has taken a bounce in the past two weeks.
With the broader market bullish sentiments on the chart, as BTC is on the rise and has a correlation of 0.73, many are optimistic about AVAX. In the past 17 days, the gains were more than 45%, as it followed BTC's lead on the daily chart. Technically, The price surpassed the 50-day EMA band and has traded near the 200-day EMA band, which could be surpassed contingent on buyers' interest.
MACD displayed a bullish crossover, with a histogram growing at 0.0.83, and the RSI flashed at 65.24, indicating bullishness.
Therefore, if the price continues surging, the following resistance levels are at $37 and $50. However, failing jump resistances would lead to a price decline, and the bears would look at the nearest supports at $27 and $16, respectively.
The AVAX had a gripping price action after the prolonged consolidation that ended December 2023 on the daily chart. The price displayed the effectiveness of the resistance-turned-support $22, from where the price has taken a bounce in the past two weeks.
With the broader market bullish sentiments on the chart, as BTC is on the rise and has a correlation of 0.73, many are optimistic about AVAX. In the past 17 days, the gains were more than 45%, as it followed BTC's lead on the daily chart. Technically, The price surpassed the 50-day EMA band and has traded near the 200-day EMA band, which could be surpassed contingent on buyers' interest.
MACD displayed a bullish crossover, with a histogram growing at 0.0.83, and the RSI flashed at 65.24, indicating bullishness.
Therefore, if the price continues surging, the following resistance levels are at $37 and $50. However, failing jump resistances would lead to a price decline, and the bears would look at the nearest supports at $27 and $16, respectively.
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