The post Is AVAX Facing a Pullback as It Hits Key Resistance? appeared on BitcoinEthereumNews.com.

Avalanche (AVAX) has been performing well in its recent trades. The token price rally is near testing a crucial resistance level. It shows buying signals. However, technical indicators and market experts remain cautious. That’s due to resistance at a trendline and the possibility of a bearish reversal. AVAX Price Analysis: Bullish Momentum with Resistance Ahead AVAX’s recent price indicates a strong bullish trend from $22.80, which is near the lower Bollinger Band, to $27.67. – Advertisement – This rise was earlier on signaled but a bullish candle suggests a possible positive move after a long period of bearish trend. 1-day AVAX trading chart|source TradingvView If the AVAX price is to continue with its current bullish move, the middle Bollinger Band at $25.98 could offer support. Bollinger Bands are opening up suggesting higher volatility in AVAX. The last bounce near the lower Bollinger Band pulled the price a little higher towards the upper Bollinger Band at $29.16 indicating short-term resistance. Market analysts anticipate that a pullback or marker consolidation might occur around this level of buying pressure weakens. The next major resistance for AVAX is at $29.16, and a breakout above this level could mean more gains ahead. However, if the price falls below the middle Bollinger Band at $25.98, then the price may extend downward toward $22.80 which was its previous support level. As of now, the RSI is at 57.43 showing moderate buy signals with the potential to live higher before it approaches the overbought region that is normally at the 70 mark Analyst View: Bearish Retest at Trendline Resistance Analyst Naf pointed out that AVAX is in a bearish retest of a descending trendline that once acted as resistance. After a short rally, the asset is getting selling pressure while testing this resistance area. This bearish retest indicates…

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Filed under: News - @ November 9, 2024 12:26 pm