According to the technical analysis, AVAX prices have risen to $20 within the past 48 hours. But will this rally sustain, or is it just another lower high formation? The bullish reversal in the AVAX prices with lower price rejection near $17.50 reaches the $20 mark. Furthermore, the increase in trading volume to support the bullish candle, increasing the uptrend continuation possibility. But will the bullish reversal break the resistance trendline, or is it just another low or high formation? Key Points: The AVAX prices have risen by 10% within the last 48 hours. The RSI slope shows a remarkable reversal from the oversold boundary. With a market cap of $5.83 billion, the intraday trading volume of Avalanche has increased by 38% to reach $606 million. Source – Tradingview AVAX Technical Analysis The AVAX prices fell drastically after reaching $30 due to the increased supply at the 100-day SMA. The falling prices led to a resistance trendline, which keeps the bullish growth in check. The recent increase in buying pressure near $17.50 led to a lower price rejection candle followed by a bullish reversal. Furthermore, the rise in trading volume supports the bullish reversal increasing the trendline breakout possibility. If the buying pressure increases, the AVAX market value may soon reach $22 after the trendline breaks. Furthermore, a prolonged uptrend might retest the overhead resistance of $30. Hence, despite being 85% lower tha...
