AVAX Technical Analysis: Channel Breakout Prepares Bullish Launch

AVAX buyers drive the bull cycle above the resistance trendline of a falling channel teasing a price jump to the $20 mark. Key technical points: The AVAX market price has appreciated 9.37% over the past 24 hours. The price action shows a bullish candle breaching the resistance trendline. The 24-hour trading volume of Avalanche is $612 Million, indicating a hike of 45%. Past Performance of AVAX During the bloodbath in May, the AVAX price lowered within a falling channel pattern, accounting for a drop of 56% to a low of $15. However, buyers quickly capitalized on the falling trend in trading volume displaying weakness in selling pressure resulting in a reversal. The bullish turnaround breaches the resistance trendline and brings about a bullish breakout of the falling channel. Source- Tradingview AVAX Technical Analysis AVAX price action shows a rising trend as the reversal inflates the market value by 10% in the last 24 hours. However, traders hoping to enter the breakout spot must wait for the price to sustain above $20 to avoid a reversal. The bullish reversal trades under all the crucial EMAs– 50, 100, and 200-day while they remain a falling trend in a bearish alignment. However, the breakout rally can reach the 50-day EMA(red) if the rally sustains above the $20 mark. The RSI indicator shows a bullish reversal from the oversold boundary, gradually reaching the halfway line. The 14-day SMA shows a sideways trend above the 30...