AVAX Technical Analysis: Reversal Aims Triangle Breakout: Is It Too Early to Buy?

AVAX coin price shows a rising underlying bullish momentum that brings a reversal aiming for an upside breakout. But is the breakout imminent? AVAX is the native coin of Avalanche. The token is a hard-capped, rare, limited asset that is used to pay charges, protect the platform with staking and also serve as a fundamental account for the subnets on Avalanche. Avalanche is the most efficient smart contract platform in the world of blockchain, according to time-to-finality. It’s extremely quick, cost-effective, and environmentally friendly. Let us move ahead to read about the Avalanche technical analysis. Past Performance of AVAX AVAX coin price shows a growth of 20% in the past 72 hours from the demand met near the support zone at $80. However, the price action forms a descending triangle in the daily chart after the rejection from the $150 mark. Therefore, the recent reversal can shortly reach the resistance trendline. The constant support from the $80 support and the long-coming resistance trendline keeps the triangle intact and traps momentum within. Therefore, the breakout of either side can find a burst in trend momentum. AVAX/USD Daily Chart AVAX Technical Analysis The AVAX coin price action forms a bullish follow-through candle in the daily chart, reflecting growth in buying pressure. Therefore, if the buying pressure sustains, the bull might overcome the selling pressure at the resistance trendline. The AVAX price actio...