The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/avax-price-analysis-closer-to-12-is-avax-planning-a-bounceback-this-month/">AVAX Price Analysis: Closer To $12, Is AVAX Planning A Bounceback This Month?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
With an extensive selling phase in action, the AVAX price is 19.24% below the previous swing high of $15.59 within 25 days. The downward trend results in a strong resistance trendline keeping the bullish growth in check, leading to lower high formations.&nbsp; 
Moreover, the <a href="https://coinpedia.org/price-prediction/avalanche-avax-price-prediction/" rel="noopener noreferrer nofollow">AVAX price</a> is now below the 61.80% Fibonacci level and a long-coming support trendline.&nbsp; 
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With buyers failing to hold the AVAX prices above $12.87, the 4.83% drop tests the bullish dominance at the 78.60% Fibonacci level at $12.13. The buyers manage to revert the drop with a bounce back to challenge the overhead resistance trendline.&nbsp; 
Currently, the AVAX price is up by 1.55% in the last 24 hours and continues to challenge the resistance trendline.&nbsp; 
Coming to technical indicators, the Stochastic RSI shows an uptick as the lines approach the oversold territory, indicating a potential reversal. However, the MACD lines show a bearish crossover due to the rise in the selling spree.&nbsp; 
If the ongoing recovery continues and breaks the resistance trendline, the buyers can lead the uptrend to new heights. The unleashed trapped momentum can fuel the AVAX prices to $14.&nbsp; 
In case of a prolonged selling phase, the break out of the breakdown of the 78.60% Fibonacci level at $12.13 can lead to an extended 8% fall to the $11.19 level.

AVAX Price Analysis: Closer To $12, Is AVAX Planning A Bounceback This Month?

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