AVAX 4-Hour Chart Indicates That Short Pump May Happen Soon

Avalanche’s (AVAX) price posted 5.58% gains in the last 24 hours, taking its price to $31.11, according to CoinMarketCap. AVAX’s price is still down for the last seven days, however, as it dropped 9.51% in the last week.

The price of AVAX is very near its 24-hour high of $32.38, with its low sitting around $29.16. Its price has also strengthened against Bitcoin (BTC) and Ethereum (ETH) by around 2.49% and 2.30%, respectively, at the time of writing. At the moment, AVAX is worth approximately 0.001038 BTC and 0.01543 ETH.   

Ranked 12th on CoinMarketCap’s list of the largest cryptocurrency projects by market cap, AVAX’s market cap currently stands at over $8.5 billion. The daily trading volume of AVAX has seen a fair increase of 67% in the last day. This takes the total 24-hour trading volume to over $725 thousand.

The 4-hour chart for AVAX/USDT indicates that there may be a bullish move attempted by AVAX in the next 4-16 hours as an ascending triangle chart pattern forms on the chart.

Technical indicators that also indicate that there may be a small bullish move for AVAX are the RSI positioned above the RSI SMA line and the RSI’s upward slope. In addition, the 8 EMA has crossed above the 20 EMA.

The one key confirmation of the move will be AVAX’s price rising above the nearest resistance level of $31.70. Should it break past this level, we could see the price of AVAX rise to $34.00. On the other hand, if the price of AVAX drops lower than the 8 EMA, we could see the price fall down to around $30.00.