Post-retest rally encourages AVAX buyers to fuel the uptrend to breach the 30 mark; should you expect the 100-day SMA breakout? Key technical points: The Avalanche(AVAX) price has increased by 28.7% in the last six days to challenge the 100-day SMA. The post-retest reversal with long-tail candles nearing the overhead resistance at $32. With a market cap of $8.29 Billion, the intraday trading volume of Avalanche has increased by 18.8% to reach $979.5 Million. Past Performance of AVAX As mentioned in our previous article, the AVAX prices took over the sellers at the $25 mark after retesting the $22 mark twice. Moreover, the V-shaped reversal accounts for a 28.7% jump in the last six days, undermining the higher price rejection candles near $28. Source- Tradingview AVAX Technical Analysis Last month, the AVAX price attempted a double top pattern formation after facing rejection from $25. However, the recent reversal from the support trendline with a morning star pattern approaches the $32.40 mark. The 20-and-50-day EMA flipped into viable support and encouraged the AVAX price to challenge the 100-day EMA. Moreover, the 100-day EMA breakout will fuel the uptrend to breach the $30 mark. The daily-RSI slope jump above the midline and 14-SMA slope, suggesting that the market sentiment inclines bullish. Therefore, the momentum indicator supports uptrend continuation. The MACD indicator shows a bullish crossover, but the sideways trend...
