Avlanche (AVAX) Price Trades Inside Rising Wedge Pattern

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Avalanche (AVAX) price has shown an increased buying activity over the past few sessions. The current price action corresponds to the rising wedge pattern that is showing some buying opportunities in a downtrend market. The formation is typical transforms into a bearish breakout.

Key points to understand

  • The 20 DMA offers dynamic support to AVAX price
  • AVAX price depicts a short-term bullish outlook.72
  • The intraday trading volume in the AVAX Network coin stands at $722623,808, indicating a loss of 16%.

According to the recent Crypto Carbon Rating Institute, Avalanche is quite an eco-friendly public blockchain that uses about 0.0005%  of the amount of energy used by the Bitcoin blockchain.

AVAX rises inside rising wedge indicating upcoming selling pressure

AVAX price continued the downside momentum in January that begins in November. However, the price finds some bottom buying opportunities near the lows of $54.50  made on January 24. Furthermore, after a few hiccups, AVAX bounced off and entered an uptrend that has seen 32$ gain so far.

Source: Trading view

The current price action should face the upside rejection near the upper trend line at $77.70. However, the confirmation of the uptrend can be only be verified above the decisive close above $80.0.

The recent price action brought a quick recovery in the RSI slope from the oversold zone. The slope has crossed above a resistance trendline and 14-SMA line.

AVAX/USD has been trading above the 20 DMA now. In the previous encounters whenever the price has tested the moving average it has risen toward the uptrend channel.

On the other hand, if the price breaks below the low of February 3 at a low of $65.67 then it would head toward the low of January 24 at 54.50.

Disclaimer

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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