The post Avalanche Defies Selloff, Soared Over 18% This Week: What’s Next? appeared on BitcoinEthereumNews.com.

Avalanche (AVAX) regained over 18% and defied the selloff this week. Recently, AVAX breached the range neckline support of $30 and displayed a breakdown. AVAX traded in a downtrend for the last few weeks and exhibited lower low swings. Recently, it showcased a fake breakdown leaving sellers trapped at the bottom. A breakdown of the descending triangle pattern was noted, but somehow, buyers managed to revive the gains and hit the 20-day EMA mark in yesterday’s session. The $32 mark is the primary resistance zone; above it, sellers will cover their positions, a spike would be likely. Furthermore, $35 is a strong hurdle and a make-or-break level to be watched out ahead. At press time, AVAX was trading at $28.40 with an intraday surge of 6.36%, reflecting neutrality on the chart. It has a monthly return ratio of -23.20% and 130.20% yearly, reflecting a short-term downtrend. The pair of AVAX/BTC is at 0.000463 BTC, and the market cap is $11.21 Billion. Analysts are neutral and suggest that AVAX may stretch the rebound and retest the range neckline of $30 shortly. Can Avalanche (AVAX) Give a Convincing Pullback Ahead? Amidst the pullback of over 18% this week, indecisiveness was visible, and the battle looks interesting now.  A decisive close above the $35 mark highlighted the bulls’ strength, while a follow-on selloff and a rejection from the 20-day EMA mark might lead to a slide toward the $20 mark ahead. Source: Santiment The ongoing price action signifies low-volume buying activity, which signals low confidence in buyers to pull the gains ahead. However, buyers need to cross the 20-day EMA to stretch the rebound. In his tweet, @Daancrypto mentioned that $25 is a strong support, which must be held to pull off a reversal. $AVAX Clean Chart. Looking for a break of the…

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Filed under: News - @ June 28, 2024 5:18 pm