Avalanche price analysis: AVAX Coin shows the formation of a raised floor pattern

  • The AVAX coin shows that the 100- and 200-day EMA are on the verge of a bearish crossover
  • The AVAX / BTC pair traded at 0.0003032 BTC with a loss of 2.61%.
  • The current price of the AVAX coin is $ 12.2, with an intraday gain of 3.1%

AVAX coin price showed a second rebound from the USD 9.5 support, which is exactly the level of the June 23 low, confirming that level as valid support and showing the possibility of a bullish double bottom pattern. Additionally, the price has already rebounded 30% and continues to move towards the neckline for this pattern, i.e. the $ 15.5 resistance level.

On the EMAs, with the coin still trading below the crucial EMAs of 50, 100 and 200, the overall sentiment for the coin is still bearish. In addition, the diagram also shows the 100

and 200 EMA may soon cause a bearish crossover and attract more sellers to the coin market.

The RSI (BULLISH) the value is 55, which indicates the bullish sentiment in the market. In addition, investors can also see a large bullish divergence in the RSI, indicating the growing strength of the bulls.

AVAX Coin Crypto Chart in the 4 hour timeframe

The AVAX coin price shows some minor SR levels over the 4 hour timeframe. These levels can be used for a short retracement and to add quantity in an ongoing trade. In addition, the chart also shows an ascending trend line, which brings a new rally of the AVAX coin with it.

The MACD indicator (BULLISH) shows that both the MACD line and the signal line are hovering above the neutral zone (0.00), indicating a bullish momentum in the price.

graduation: From a technical point of view, the AVAX-Coin is still bearish overall; However, the chart shows the formation of a bullish double top pattern which could provide an excellent opportunity for AVAX traders in the daily timeframe. Therefore, if the price manages to break out of the $ 15.5 neckline significantly, the pattern could reward a target up to the $ 20 mark, i.e. a 30% gain.

Support– $ 11.7

Resistance- $ 12.7, $ 14.18

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