AVAX Technical Analysis: Will AVAX Prices Exceed The Trendline?

The AVAX technical analysis shows a failed double top pattern as the prices bounce back from the $15.65 mark resulting in a bullish engulfing candle. Key Technical Points: AVAX prices have increased by 7.48% in the last 24 hours. The price action shows a bullish attempt to surpass the 50-day SMA. The 24-hour trading volume of Avalanche is $681 Million, indicating a rise of 70%. Past Performance of AVAX The AVAX price action shows a resistance trendline m fuelling the downtrend in motion, and accounts for a 40% down for last month. However, the price action took a lateral tone after finding support at the $15.65 horizontal level. The growing influence led to a double tap within the consolidation, but buyers at the $15.65 level were successful in defusing the situation. Source – Tradingview AVAX Technical Analysis The AVAX prices take a bullish turnaround after finding Neutralising the double top pattern leading to a 12% growth overnight. Additionally, the reversal completes a morning star pattern within the descending triangle, increasing the likelihood of a bullish breakout. The MACD and signal lines maintain a bullish outlook, avoid multiple bearish crossovers and continue approaching the positive territory. Hence, the technical indicator displays high perseverance of the underlying bullishness. The RSI indicator shows a sideways trend in the nearly oversold zone, constantly crossing the 14-day SMA. Hence, the indicator suppo...