Avalanche (AVAX) price may be a point of interest for many analysts especially since the gaming token is exhibiting formidable strength amid a bear market.<\/p>\n
AVAX price reveals a consistent ramping activity combined with a rise in price.
\nAvalanche RSI reveals a breach on the overbought zone.
\nHigh probability of breach can occur at the $50 barrier.<\/p>\n
AVAX Shows Solid Traction At $29.50<\/p>\n
According to CoinMarketCap, AVAX price is currently swinging it at $29.50 and is showing immense bullish traction with an increase of 5.45% as of this writing.<\/p>\n
In the right market conditions, traders can anticipate high volatility. The token\u2019s price may be ideal for scalping this month. Technical indicators on AVAX price are showing signs of a bull run. More so, the token\u2019s RSI was able to breach the overbought zone. In addition, Avalanche\u2019s Volume Profile Indicator shows a ramping pattern.<\/p>\n
With these technical patterns, it\u2019s wise to conclude that AVAX price is on the calm phase awaiting the storm surge. A breach at $30.50 could be compelling enough to push the coin to new heights. The token\u2019s first target is set at $40 and next will be at $50.<\/p>\n
If the technical patterns are truly bullish, then AVAX will not drop and breach liquidity levels that sit right under the swing low of $22. If this bearish trajectory happens, then this can impede the uptrend of AVAX price as the token can dip to $14 or even $10.<\/p>\n
AVAX Suggests Rounding Bottom Pattern<\/p>\n
Judging by the Avalanche on a daily chart, the rounding bottom pattern is quite prominent. With this pattern, AVAX had no problem breaking the resistance zone of $28.8, and aiming to go higher. But, the trades will have to ignore the supply pressure to provide a candle closing seen hovering above the barrier.<\/p>\n
The long-tail rejection spotted on August 8 implies that the sellers fought hard to defend the barrier set at $28.8.\u00a0 In addition, the daily chart also indicates Avalanche\u2019s bullish crossover sliced in the middle of the 20-and-50-day EMA. AVAX intraday trading volume showed a pump in price of 6.68% or $891.6 million.<\/p>\n
The AVAX\/USDT pair displayed a remarkable reversal in price movement after it slumped at $14.94 seen in June 2022. With this bullish action, the price also increased by 118% as seen in the past two months peaking at $30.<\/p>\n
The immediate price reversal formed a rounding bottom pattern with the neckline spotted at the $37 mark. The engulfing candle is extremely bullish and breached the $28.44 zone showing intensified buying activity.<\/p>\n
In spite of the bullish reversal, a candle spotted nearing the $28.75 level will be a pivotal sign that validates the formation of the rounding bottom pattern.<\/p>\n\n
AVAX total market cap at $8.4 billion on the daily chart | Source: TradingView.com<\/p>\n
Featured image from Forkast, Chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Avalanche (AVAX) price may be a point of interest for many analysts especially since the gaming token is exhibiting formidable strength amid a bear market.<\/p>\n
AVAX price reveals a consistent ramping activity combined with a rise in price.
\nAvalanche RSI reveals a breach on the overbought zone.
\nHigh probability of breach can occur at the $50 barrier.<\/p>\n
AVAX Shows Solid Traction At $29.50<\/p>\n
According to CoinMarketCap, AVAX price is currently swinging it at $29.50 and is showing immense bullish traction with an increase of 5.45% as of this writing.<\/p>\n
In the right market conditions, traders can anticipate high volatility. The token\u2019s price may be ideal for scalping this month. Technical indicators on AVAX price are showing signs of a bull run. More so, the token\u2019s RSI was able to breach the overbought zone. In addition, Avalanche\u2019s Volume Profile Indicator shows a ramping pattern.<\/p>\n
With these technical patterns, it\u2019s wise to conclude that AVAX price is on the calm phase awaiting the storm surge. A breach at $30.50 could be compelling enough to push the coin to new heights. The token\u2019s first target is set at $40 and next will be at $50.<\/p>\n
If the technical patterns are truly bullish, then AVAX will not drop and breach liquidity levels that sit right under the swing low of $22. If this bearish trajectory happens, then this can impede the uptrend of AVAX price as the token can dip to $14 or even $10.<\/p>\n
AVAX Suggests Rounding Bottom Pattern<\/p>\n
Judging by the Avalanche on a daily chart, the rounding bottom pattern is quite prominent. With this pattern, AVAX had no problem breaking the resistance zone of $28.8, and aiming to go higher. But, the trades will have to ignore the supply pressure to provide a candle closing seen hovering above the barrier.<\/p>\n
The long-tail rejection spotted on August 8 implies that the sellers fought hard to defend the barrier set at $28.8.\u00a0 In addition, the daily chart also indicates Avalanche\u2019s bullish crossover sliced in the middle of the 20-and-50-day EMA. AVAX intraday trading volume showed a pump in price of 6.68% or $891.6 million.<\/p>\n
The AVAX\/USDT pair displayed a remarkable reversal in price movement after it slumped at $14.94 seen in June 2022. With this bullish action, the price also increased by 118% as seen in the past two months peaking at $30.<\/p>\n
The immediate price reversal formed a rounding bottom pattern with the neckline spotted at the $37 mark. The engulfing candle is extremely bullish and breached the $28.44 zone showing intensified buying activity.<\/p>\n
In spite of the bullish reversal, a candle spotted nearing the $28.75 level will be a pivotal sign that validates the formation of the rounding bottom pattern.<\/p>\n
AVAX total market cap at $8.4 billion on the daily chart | Source: TradingView.com<\/p>\n
Featured image from Forkast, Chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-5389","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/5389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=5389"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/5389\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=5389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=5389"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=5389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}