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June 16, 2024
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AVAX Price Analysis: Will Avalanche Sail Smooth To $12?

The post AVAX Price Analysis: Will Avalanche Sail Smooth To $12? appeared first on Coinpedia Fintech News

Moving in a negative trend for months, the AVAX price finally takes a strong bullish stand to end the bearish rally. The recent reversal from the $8.75 level, coinciding with the overall market recovery, keeps the Avalanche price prediction bullish. 

With AVAX hodlers expecting the uptrend to continue and rise above the $10 mark, the sellers might have some tricks left in their sleeves.

With the recent reversal fueled by the market recovery, the AVAX coin price jumped by 6.43% this week. Notably, the 3.92% jump comes from a single candle formed yesterday that breaches the resistance trend line. 

Currently, the AVAX coin price trades at $9.34 with an intraday growth of 0.68%, representing the altcoin sustaining above the resistance trend line for now. 

The breakout candle struggles to find a strong closing above the resistance trend line that adds a few pointers to the bearish side. However, the buyers might have smooth sailing if the daily candle manages to sustain above and avoid any higher price rejection today.

Additionally, the AVAX coin price might have to face opposition at the 50-day EMA at the psychological mark of $10. 

Creating lower high formation in the weekly chart, AVAX price action finally displays a bullish candle after a streak of red candles. This increases the chances of a bounce back to the major resistance trendline in the weekly chart.

Will AVAX Price Sustain Above $10?

With a sudden reversal in the price trend, the AVAX price can reach the psychological mark of $10 before facing a bearish setback. However, the prices must sustain above the resistance trendline for this uptrend. 

Beyond the psychological mark of $10, the breakout rally can expect some supply inflow at the $12 mark. On the flip side, failure to sustain above the resistance trendline will prolong the downtrend continuation and might breach the $8.75 support level to test the $8 mark.

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