Avalanche Price Analysis: Will The AVAX Price Bounce Back Soon?

The crypto industry has experienced a short pullback as the bears have complete control over the market. The bulls are constantly fighting to stabilize the and hold the price. Top cryptocurrencies continue to experience a turbulence in their charts, but on the other hand, Avalanche price has managed to gain over 8% in value within a week.

The AVAX price was constantly trading in a bearish phase for a month, following which the coin broke out of the pattern, and the coin has been trading in an ascending channel from the past week.

The Avalanche coin buyers led to multiple breakout attempts but the supply at higher levels maintained the bullish growth in check. Further, the Avalanche price displays a possibility of a Golden Crossover in its charts, which could result in the coin igniting a bullish rally in the coming days.

The MACD averages have recently displayed a bullish convergence in its charts, indicating a massive price action soon. Moreover, the chart has displayed a rising green histogram, indicating the possibility of AVAX gaining value this week.

If the Bulls manage to push the price above $10, this would initiate a bullish momentum, leading the coin to continue to gain value in the coming days. Further, if the market manages to hold the price above the level, then it will prepare to test its upper resistance of $10.40 by the end of this week.

On the contrary, if the bears overpower the bulls and break down the ascending channel trend, then the price will experience a trend reversal resulting in the price to plunge. Moreover, if the market fails to hold the AXAX price then it will prepare itself to test the lower support level of $9.10 soon.