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...
