The post AVAX Price Analysis: Up Against Incoming Supply, AVAX Eyes $15! appeared first on Coinpedia Fintech News
With a solid bullish reversal rally in Avalanche, the sellers fail to hold dominance over crucial levels, leading to breakout rallies. The AVAX coin prices take off from the $8.60 launchpad to give a phenomenal return of 40% to reach the $12 mark.
As the ongoing recovery rally brings Avalanche Year-to-Date back into the positive realm with 12.60%, the AVAX price prediction hints at crossing the $15 mark soon.
Forming a double bottom pattern in the daily chart, the AVAX price action displays a successful reversal with a bullish breakout. Crossing over the $10.86 neckline, the reversal rally helps Avalanche reclaim the psychological mark of $10.
The rising Avalanche market value is trading at $12.07, close to the dynamic resistance of the 200-day EMA and the $12.34 resistance level. Moreover, the intraday fall of 1.47% showcases higher price rejection, reflecting a strong incoming supply pressure.
Nevertheless, the AVAX price is up by 40% in the last three weeks and gives a double bottom breakout. Therefore, a potential retest of $10.86 is possible before continuing a bullish trend above the 200-day EMA.
Technical indicators:
EMA: The rising trend in the AVAX price has a positive influence on the 50-day EMA and teases a golden crossover. Moreover, a potential 200–day EMA breakout will signal a buying spot for sideline traders.
MACD indicator: The MACD and signal lines display linear growth with optimum bullish spread.
Will AVAX Price Rise To $15?
With Bitcoin crossing above the $35K mark, the altcoins are gaining momentum and teasing an upcoming altcoin season. Further, the bullish breakout in AVAX with a double bottom reversal signals a potential upcycle to the $15 mark. However, the buyers must reclaim the 200-day EMA to prolong the bull run.
On the flip side, a reversal from the 200-day EMA can lead to a price drop to $10.86.