Avalanche (AVAX) price consolidates with a positive bias on Friday. The market sentiment remains bullish as prices remain above $25.0. AVAX price has been stuck in a very narrow trade range of $23.20 and $26.50 for the past three sessions. With the consolidation, the 24-hour trading volume dropped by 25% to $706,099,844.
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- AVAX price prints modest gains following a corrective pullback.
- The price sits comfortably above the 50-day EMA signaling sustained buying pressure.
- However, the buyers must beat the recent highs of $26.36 to continue the upside momentum.
AVAX builds bullish momentum
AVAX has been moving sideways since the beginning of the session. On the daily time frame, the price formed a volatility contraction pattern. It must be understood that it’s reminiscent of the Cup & Handle pattern, although it’s a little more like a cup followed by a smaller cup, and then further a smaller cup.
The pattern demonstrates accumulation throughout the formation and completion of a base near $16.55 before giving a breakout at $24.50.
The 50-day EMA provides support to the price at $23.21. The RSI (14) indicator is above 60, indicating that the market is still far from overheating. Any minor pullback could be a good entry point.
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On an hourly time frame, the price formed a bullish flag and pole pattern. AVAX after giving a good impulse up move entered into a consolidation phase between $24.0 and $26.0. The nearest hurdle could be found at $26.0. A daily acceptance above this level could bring $28 for investors.
On the flip side, if the price slips below the $23.80 level then it would invalidate the bullish outlook on the asset. In that scenario, the lower targets could be found at $23.0 and $22.50.
Conclusion:
On different time frames, the AVAX price signifies consolidation near higher level levels. A valid move above $25.50 with decent volumes is a sign for the continuation of the bullish momentum with the mentioned targets.
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