Rally

Resistance

when

Vortex

Avalanche

AVAX Price Prediction: <a href="https://coingape.com/markets/avalanche-price-10-surge-aims-50-bullseye-and-toppling-shiba-inu-coins-top-10-spot/">AVAX</a>, the cryptocurrency of layer one blockchain witnessed a notable inflow within a week, highlighted by two long green candles in the daily chart. This upswing recorded 33% and surpassed the neckline resistance of the cup and handle pattern at $50. This breakout signals the buyer’s escape from two years-long accumulation and the start of a sustainable uptrend. 
<h2 id="b-what-s-ahead-for-avax-after-50-breakout-b">What’s Ahead for AVAX after $50 Breakout?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/j/JgbiYZQN.png" alt="BINANCE:AVAXUSDT Chart Image by sahilmahadik07" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Avalanche Price| Tradingview
 </figcaption>
</figure> 
The Avalanche coin is now riding a steady recovery initiated in late January when the price rebounded from $27.24. A V-shaped recovery from this support surged the altcoin 109 within seven weeks to reach $56, while the market cap soared to $21.3 Billion. 
An analysis of the daily chart shows this upswing breaks the neckline resistance of the bullish reversal pattern called cup and handle. In theory, this pattern formation is a sign of downtrend bottoming as the emergence of a new recovery. 
The <a href="https://coingape.com/price/avalanche/">Avalanche price</a> has been developing this structure for nearly two years, indicating its breakout to have a long-term effect on the asset. With an intraday gain of 12%, the buyers provide a decisive breakout from the $50 neckline shifting the psychological barrier to a key support. Recent data from Coinglass shows this breakout is accompanied by $2.41 Million of short liquidation indicating the dominance of market buyers. 
<blockquote>
 Sustaining above the flipped support, the AVAX price will rebound for a 60% leap and chase the theoretical target of $90.
</blockquote> 
However, this recovery is less likely to be a linear trend as the AVAX price is showcasing a pattern of occasional pullback to regain strength for sustainable growth.&nbsp; 
The overhead supply pressure may stall the recovery trend at $67.5, followed by $91. 
<h2 id="strong-technical-indicator-strong">Technical Indicator.</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The 100-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slope acts as a dynamic support for buyers to accumulate this asset in between dips.</li> 
 <li style="font-weight: 400;" aria-level="1">Vortex Indicator: The increasing spread between the VI+ (blue) and VI- (pink) reflects the buyers continuing to strengthen their grip over this asset.</li> 
</ul> 
The post <a href="https://coingape.com/markets/avalanche-price-rally-eyes-90-clear-600-day/">Avalanche Price Rally Eyes $90 As Buyers Clear 600-day Resistance</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Avalanche Price Rally Eyes $90 As Buyers Clear 600-day Resistance

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Coingape News Media

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