Avalanche (AVAX) Price Analysis
Avalanche (AVAX) has gained nearly 5% in the past 24 hours, showing a strong rebound after falling below $25.
On Saturday, AVAX surged more than 9% to $27.42 above its 20-day EMA. However, buyers failed to sustain this bullish momentum, causing AVAX to retreat on Sunday, falling just over 6% to $25.74.
The market was volatile at the beginning of the week, with sellers pushing AVAX back above its 20-day EMA to reach a daily high of $27.21. However, sellers then pushed the price back to $25.22, with buyers and sellers fighting between support and resistance. On Tuesday, AVAX bounced off support to $26.44 before recovering to $27.
In the current trading session, AVAX is trading at $26.80, with buyers attempting to break above the 20-day SMA. AVAX's technical indicators show upside potential. The RSI on the daily chart shows a bullish divergence, with the lower lows formed on July 5 contrasting with the higher highs on the RSI, meaning a rebound could be seen in the short term.
Summary
Current Price: $26.80 Near-Term Support: $25.22 Near-Term Resistance: $27.42 (20-day moving average) Technical Indicators: The RSI shows a bullish divergence, indicating a rebound could be seen in the short term
The technical analysis of AVAX shows that current market conditions have upside potential. Investors should pay close attention to changes in key support and resistance levels to develop a sound trading strategy.
