The Avalanche(AVAX) price action shows a post-retest reversal attempt from the $22 support level to cross above the $28 mark. Key technical points: The AVAX prices dropped by 6.90% in the last 24 hours. The price action shows a lower price rejection in the daily candle from $22, teasing a bullish reversal. The 24-hour trading volume of Avalanche is $922 Million, indicating a drop of 19%. Past Performance of AVAX As mentioned in our previous article, the Avalanche(AVAX) prices broke the resistance trendline’s influence and beat the 50-day average price. The bullish reversal from $16, accounting for a 50% jump last week, is responsible for breaking the downtrend. However, the price trend took a turnaround from $24.5 to retesting the $22 mark. Source- Tradingview AVAX Technical Analysis The daily candle in the AVAX price chart shows a long-tail formation from $22, reflecting a post-retest bullish reversal. Hence, if the buying pressure sustains, the breakout rally can reach the overhead resistance at the $28 mark. Tomorrow is the if the market price sustains above the 50-day SMA, a jump to the 100-day SMA seems inevitable. The RSI indicator maintains a bullish view for the upcoming trend as the RSI slope sustains in the overbought territory. Additionally, the 14-day average line crosses above the halfway line indicating an increase in underlying bullishness. Furthermore, the MACD indicator displays a gradual growth in buying pres...
