2024

Avalanche

Reversal

The post <a href="https://coinpedia.org/price-analysis/avax-price-plans-bearish-trap-breakout-with-a-double-bottom/" rel="noopener noreferrer nofollow">AVAX Price Plans Bearish Trap Breakout With A Double Bottom</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With the dreams of reaching $100 delayed, the AVAX price in the correction phase now aims to avoid any further correction below $30. As the downtrend now accounts for a 50% decline, the altcoin forms a bearish channel pattern in the daily chart.&nbsp;
As the adamant buyers avoid a drop below $30, the underlying gear shifts towards a bullish reversal. With the market anticipations of an altcoin season growing every day, the possibility of Avalanche reaching $100 in 2024 cements. Find out more in our <a href="https://coinpedia.org/price-prediction/avalanche-avax-price-prediction/" rel="noopener noreferrer nofollow">AVAX Price Prediction</a>, sharing a long-term analysis.&nbsp;
<h2 class="wp-block-heading" id="h-double-bottom-reversal-eyes-channel-breakout-nbsp">Double Bottom Reversal Eyes Channel Breakout&nbsp;</h2>
With a bullish stronghold at the $30 mark, the AVAX price manages to avoid further downfall. As the bullish slowdown in the top coins becomes evident, Avalanche struggles to overcome the constant rise in supply.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/ba87d9PY5b-YD-SiJZdBp5pEhUAx58wdH6Ht-ZtlSxyowNlOfHj9Vojffeb6LnFsNoIv5QSmHE4KB5Y8hjkUyiUZeLzZ9s8Lxv6-X7bdVRQEqo4XpPxaHUElrYiNff-ZEDcEcASsBUt2QZOWNsVbvRk" alt="">
</figure>
<a href="https://www.tradingview.com/x/VB89HCNa/" rel="noopener noreferrer nofollow">Tradingview</a>
During the 50% pullback phase, the altcoin price reverted from the $60 mark to test the $30 mark. However, the high demand at lower levels teases a double-bottom formation to reverse the bearish trend.&nbsp;
With a reversal, the AVAX price could give a bullish breakout of the falling channel pattern. Currently, the altcoin trades at $34.59 as it challenges the overhead trendline, teasing the sideline traders.&nbsp;
Technical indicators:&nbsp;
MACD: The MACD and signal line showcase an uptick teasing a resurface above the zero line. Further, the intertwined lines tease a bullish crossover.&nbsp;
RSI: The daily RSI line showcases a bullish divergence in the daily chart, increasing the likelihood of a bullish turnaround.&nbsp;
<h2 class="wp-block-heading" id="h-will-avax-price-cross-50">Will AVAX Price Cross $50?</h2>
An increasing likelihood of a bullish breakout in Avalanche as the market anticipates a bounce back brings an excellent entry point for sideliners. Further, the momentum indicators support the bullish thesis.&nbsp;
In case of a breakout, the uptrend can result in a jump to $50 or the 50% trend-based Fibonacci level. On the downside, a crash under $30 might prove fatal and drop the market price to $20.&nbsp;

AVAX Price Plans Bearish Trap Breakout With A Double Bottom

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