AVAX Price Gains Stability Above $25, Bulls Lead On

Avalanche price consolidated on Friday with a positive mood. The market’s sentiment was bullish throughout as the price stabilized above $25. The asset’s price was struck on a narrow path trading between $23.20 – $26.50.

AVAX Gets Bullish Momentum

With the recent consolidation, AVAX trading volume in the last 24 hours fell, dropped by up to 25%, and is worth $706,099,844. The assets price printed a modest profit after the corrective pullback it went through.

The price now sits well above the 50-period exponential moving average giving signs of continuous purchasing pressure. Nevertheless, buyers have to bet the latest height of $26.36 to keep up with the momentum.

Avalanche has been trading sideways ever since the session began. The price formed a volatile contracted pattern on the daily chart. Note that the development emulates the cup and handle pattern.

Although this time, the pattern is more of a cup and another small cup. Then after that comes a much smaller cup.

Possibilities in the Event of a Slide 

The chart pattern shows a series of accumulations all through the formation. It also showed a base completion close to $16.55 before it gave a breakout at $24.50.

The 50-day exponential moving average gave necessary support to the $23.21 price level. The relative strength index indicator presently stands above 60. It shows that the market is still a long way from overheating.

A significant pullback at this point might be a fantastic entry point. AVAX price formed a bullish pole and flag pattern on the hourly chart. The asset entered a consolidation after it gave a positive mood in the market.

It began to draw close between $24 – $26. The closest hurdle for it might be seen in the $26 region. If it persists daily, it might bring up to $28 to investors.

There is a possibility of the price sliding below $23.80, on the other hand. First, it would then negate the bullish perspective around the asset. If that becomes the case, the low targets might be discovered at $23 to $22.50. 

The price action around AVAX has signified consolidation close to the high levels. A solid move above $25.50 with a decent volume will be a sin for continued bullishness. The momentum will be high with the stated targets.  

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