- Avalanche Coin shows bullish price action over the past seven trading sessions.
- The Parabolic SAR is still showing bearish signs, while the AVAX continues to climb.
- After a sharp drop, the bulls celebrate the bullish momentum this week based on gains of over 16%.
Avalanche Coin appears to be in control of the bulls as the bears have failed to propel the asset price past swing lows over the past several days. Price action follows a high-low formation in the context of the daily price scale. But the last hope of the bears still remains in the midst of a bullish rally, so this expectation will influence the trend.
Due to the dramatic sell-off, the bulls witnessed the latest 2022 low of $13.71 on June 19. From there, the AVAX coin became volatile and created unusual spikes. Due to the high market volatility, many speculators have lost their capital along the roller-coaster ride.
Avalanche Coin draws bullish price candles over the past seven trading sessions. Therefore, the bulls celebrate a bullish rally this week based on gains of over 16%.
Due to the bullish trend, the AVAX coin hit a 10-day high today with little price change. Thus the AVAX coin trades against the USDT pair at the $19.3 mark at the time of writing. Moreover, the price of the AVAX coin pairing with the bitcoin pair is trading up 4% in the green zone, at 0.0009461 satoshis.
The Parabolic SAR is still showing bearish signals as it is moving above the current price of AVAX while AVAX continues to climb up. Nevertheless, with trading volume gradually increasing, this could be a reason behind up move.
RSI outlook is bullish
In terms of the daily price chart, the Stoch RSI is again turning into overbought territory. Furthermore, the ADX indicator continues to decline in the midst of an uptrend.
Conclusion
The Avalanche coin is likely to reach the $22 resistance mark if buyers manage to move the price above the round level of $20. Near the uptrend line, there is an important defense zone for the bulls.
Support level – $16 and $10
Resistance level – $22 and 30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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