AVAX price extends the previous three session’s gains. The formation of a strong green candlestick indicates strength in the current upside price action. Sellers find reliable support at $0.66.
AVAX price trades with significant gains on Thursday.
A breakout above the descending trendline open the gates for $100.0
A bullish setup is under formation.
AVAX price looks for bullish reversal
On the daily chart, the AVAX price action is set for further gains with a bullish formation. After taking multiple support at $66.0 for nearly two months the price once again attempts to break away the upside boundary at $80.00. The attempt is, however, successful as the price breached the 50-day Simple Moving Average (SMA) at $78.73. The recent technical set-up confirms the continuation of the bullish momentum.
An acceptance above $80.0 with rising volume shall revisit $90.0 as this is the immediate target with no in-between stoppage.
Furthermore, a resurgence in the buying pressure will bring the $100.0 horizontal resistance level into play.
On the flip side, if the price is not able to close above the descending trendline then it will turn out to be just a dad-cat bounce. On the moving downside, the interim support is located at $0.66.
AVAX’s price depreciated 55% from the highs of $127.40 made on December 22. In addition to that, the bearish slopping line is a constant hurdle for the bulls. The asset faces multiple rejections near the mentioned trendline, but the downside remained capped toward $66.0 since January 22.
RSI: The daily Relative Strength Index pierced sharply above the average line on March 16. This indicated a strong underlying bullish current.
MACD: The Moving Average Convergence Divergence attempted to cross above the midline with an impeding bullish momentum.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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