- The RSI has shown a significant rise in its value after the fall to the oversold region’s boundary.
- The AVAX/BTC pair was trading at 0.0008753 BTC with a fall of 4.98%
- The 24hr trading volume in AVAX coin is $400 Million
The AVAX coin shows the formation of a double bottom pattern in the daily time frame chart. The crucial resistance (neckline) for this pattern is at the $60 mark, which can provide an excellent long opportunity for crypto traders.
The current price of the AVAX coin stands at $58.65, with an intraday gain of 2.71%. If the price manages to close its daily candle above the $60 mark, the Crypto traders can expect a good trade in this coin.
Concerning the EMAs, the AVAX price has a solid bullish alignment, where the price is trading higher than all the crucial EMA’s (50, 100, and 200)
The RSI value is at 49, indicating a bearish sentiment within the AVAX coin.
AVAX Coin Shows A Promising Uptrend
The AVAX coin projects a promising uptrend in the 4hr time frame chart. However, the price faces the wrath of 200-period EMA of the 4-hour chart. Nonetheless, the boom in buying pressure is evident by the growth in trading volume; it projects a strong breakout possibility.
The MACD indicator (BULLISH) shows that the fast line and signal lines are moving higher than the neutral zone (0.00), indicating a bullish trend in the price. Moreover, the indicator also shows a bullish crossover of these lines, providing great confirmation for the above pattern.
Conclusion: From the technical perspective, the overall trend for the AVAX coin is gradually turning bullish, and the coin also holds an amazing opportunity if the price manages to break and sustain above the ATH of the $60 mark.
Support– $51 and $40
Resistance- $60 and $75