Cryptoknowmics
2022-06-06 13:55:22

AVAX Technical Analysis: Double Bottom Reversal Plans 30% Jump

AVAX price action shows a double bottom pattern preparing a bullish launchpad to break above the $28 neckline and reach the overhead resistance at $36. Key technical points: The AVAX market value increased by 9.64% today at press time. The price action shows a high likelihood of the $28 breakout. The 24-hour trading volume of Avalanche is $637 Million, indicating a hike of 50%. Past Performance of AVAX After the rejection at the psychological mark of $100, AVAX sellers led to the $50 support zone breakout, resulting in a drop to $22 under the influence of a resistance trendline. The trendline kept the correction phase in motion until the buyers overtook the trend control with a double bottom reversal at $22, resulting in the resistance trendline breakout. Source- Tradingview AVAX Technical Analysis AVAX prices show a bullish engulfing candlestick struggling to close above the neckline of the double bottom pattern at $28. This is why traders might want to wait for a price action confirmation to avoid getting trapped. The DMI indicator suggests the possibility of a trend reversal crossover within these DI lines since the bearish spread shrinks, with the falling ADX showing a weakening of the bearish momentum. The MACD and signal lines continue moving higher as they approach the zero line after the recent bullish crossover. The rising confidence in the bullish histograms indicates renewed energy in the underlying sentiments. Furt...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.