Price Analysis

Avalanche(AVAX) Price Breaks the Descending Trend, Will it Make it to $30 this Month?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jul 4, 2022

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Article Highlights
  • The AVAX price has flipped firmly from the lower support around $15 after a rejection from $21

  • The current upswing may elevate the prices back above $20, while the further price action currently appears misty

Avalanche price after a month-long consolidation rose by more than 10% in the past couple of days. The price is primed for a minor pullback after a strong upswing but the bullish momentum may be sustained. Therefore, the asset appears to be primed to maintain a significant upswing within an ascending channel and reach the target set at $20 initially and later at $30. 

The AVAX price recently got rejected from the price zone between $22 and $23 and was expected to test the bottoms at $12 to $14. However, the price after dropping just below $15 quickly rebounded and is currently on its way to securing levels above $20. With the price going parabolic, the price is expected to surge magnificently beyond $30 soon. 

Also Read: Polygon(MATIC) Price Primed to Undergo A Short-Lived Rally to Hit $0.5! What’s Next?

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  • The AVAX price breaks out from the ascending parallel channel and after a retest back towards the upper resistance of the channel, the asset resumed with an uptrend
  • The price is expected to undergo a parabolic recovery to test $21 and later may continue to rise high as an outcome of a double-bottom pattern
  • Despite a bullish pattern yet the asset could experience a couple of pullbacks on its path towards the target set at $30
  • The RSI after consolidating along with the lower support for nearly 45 days, managed to surge but despite the rejection, the prices managed to rebound firmly
  • On the contrary, MACD displays an accumulation of buying volume and hence a steep plunge may be imminent
  • However, with the recent flip, the buying volume has strengthened and hence a short-term bounce could be approaching that may result in another rejection

Also Read: Cardano’s Vasil Hard Fork Testnet Goes Live! Will it Impact the ADA Price?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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