AVAX Price Ready For Takeoff, Triangle Break Teases $30!
The post AVAX Price Ready For Takeoff, Triangle Break Teases $30! appeared first on Coinpedia Fintech News
Coming to the end of 2023, the altcoins are preparing bullish continuation patterns and eye higher levels to the end. Similarly, the AVAX price trend displays a breakout rally ready to gain momentum in the 4H chart.
Prolonging the uptrend in the daily timeframe, the breakout signals an early entry opportunity for short-term traders. Further, this movement aligns with the AVAX price prediction to a bullish end for 2023.
Source – Tradingview
With a bullish failure to cross the $25 mark in November, the AVAX price trend puts the November rally into a sideways gear. The short-term cool down phase forms a triangle pattern in the 4H chart.
Failing to get dynamic support from the 50EMA in the 4H chart, Avalanche manages to sustain the momentum. Further, the recent recovery with a higher low formation in the triangle highlights a strong underlying demand.
With a YTD growth of around 100%, Avalanche is a decent performer with enough fuel left in the tank for a bullish December 2023. Currently, the AVAX price trades at $21.33 with an intraday growth of 1.04% and a boost in the intraday trading volume.
Further, Avalanche can capitalize on the improving market sentiments, fueling a bullish chain reaction amongst the altcoins.
Technical indicators:
RSI: The daily RSI line remains tightly close to the overbought boundary. Further, the momentum indicator spikes with the bullish side’s breakout rally.
EMA: Following the golden crossover, the 50D and 200D EMA maintain a bullish trend signaling a strong uptrend in motion.
Is AVAX Price Ready For A Bull Run?
As the breakout signal sirens off in the 4-H chart, the buyers prepare a stage to take off the AVAX price higher and further in December 2023. The breakout rally shows the potential to rechallenge the $25 mark and exceed it to $30.
However, if a second supply wave comes in, the Avalanche market value can plunge to $18.
Filed under: Bitcoin - @ November 30, 2023 5:14 am