Avalanche Crypto Takes Rebound: Is AVAX Poised For A Reversal?
Avalanche Crypto Takes Rebound: Is AVAX Poised For A Reversal?
Avalanche crypto reversed near the $24 level and surged nearly 7% from the previous day's low.
At the time of writing, the AVAX crypto was trading close to $25.70 marking a 2.35% rise in Intraday.
Avalanche crypto gained traction after the bulls defended the price above the recent support of $24 and resumed its recovery on the second day. At the time of writing, the AVAX crypto had made a breakout above the previous day's high and was up over 2.5% today.
Moreover, the weakness in the broader market triggered a sharp selling in the AVAX crypto. However, the intraday recovery has added some relief to the investors. Moreover, the AVAX price recovery needs to last longer in order to claim a bullish territory as the price currently hovers below the key EMAs.
Also, there has been a significant development in the transaction volume which indicates the continuation of a recovery. Let's analyze combining all the metrics and try to draw a clear picture of where AVAX could proceed next.
Avalanche Crypto Volume & Volatility Analysis
The bears attempted for a breakdown below the recent support of $24 yesterday, however, the bulls made a comeback in the later session and price closed higher thus defending the support. Moreover, the intraday movement reveals the domination of buyers headed for a recovery.
Moreover, along with the price recovery, there has been a significant development in the transaction volume. The intraday transaction volume has dropped by nearly 40% and was at $322 Million a day. The drop in transaction volume reveals the waning interest of the sellers.
Moreover, the volume to market cap ratio was 3.25% indicating low volatility in the crypto. It has a live market capitalization of $10.19 Billion and ranks 12th in the cryptoverse.
AVAX Crypto Technical Analysis
From a technical standpoint the AVAX crypto hovers below the key Exponential moving average of 20, 50 and 200 days indicating a strong bearish trend prevailing. Though the bulls have initiated a recovery, it needs to surpass the 200 day EMA in order to turn a bullish reversal .
On the higher side, the $33.5 level may act as a hurdle which if surpassed may validate a bullish reversal. On the lower side, the $24 level has been acting as the critical demand zone which if breached may trigger a panic selling in the crypto.
At the time of writing, the RSI line and 14 day SMA line have made a bullish crossover adding confirmation to a continued recovery. Both the lines have recovered from an oversold region indicating an improved sentiment.
Can AVAX Continue To Recover Or Fail?
Avalanche crypto surged 2.5% intraday today after defending the $24 support level indicating a recovery. Despite broader market sell-offs, AVAX price recovery has reassured investors. However, for a bullish reversal, the price must sustain above the key EMAs.
Currently, AVAX hovers below the 20, 50, and 200-day EMAs, signaling a bearish trend. Transaction volume has decreased by 40%, indicating decreased selling pressure. Now, if AVAX crypto manages to surpass the $33.5 resistance, a bullish reversal could be confirmed. However, falling below $24 could lead to further sell-offs. The RSI and SMA lines suggest improving sentiment.
Avalanche crypto reversed near the $24 level and surged nearly 7% from the previous day's low.
At the time of writing, the AVAX crypto was trading close to $25.70 marking a 2.35% rise in Intraday.
Avalanche crypto gained traction after the bulls defended the price above the recent support of $24 and resumed its recovery on the second day. At the time of writing, the AVAX crypto had made a breakout above the previous day's high and was up over 2.5% today.
Moreover, the weakness in the broader market triggered a sharp selling in the AVAX crypto. However, the intraday recovery has added some relief to the investors. Moreover, the AVAX price recovery needs to last longer in order to claim a bullish territory as the price currently hovers below the key EMAs.
Also, there has been a significant development in the transaction volume which indicates the continuation of a recovery. Let's analyze combining all the metrics and try to draw a clear picture of where AVAX could proceed next.
Avalanche Crypto Volume & Volatility Analysis
The bears attempted for a breakdown below the recent support of $24 yesterday, however, the bulls made a comeback in the later session and price closed higher thus defending the support. Moreover, the intraday movement reveals the domination of buyers headed for a recovery.
Moreover, along with the price recovery, there has been a significant development in the transaction volume. The intraday transaction volume has dropped by nearly 40% and was at $322 Million a day. The drop in transaction volume reveals the waning interest of the sellers.
Moreover, the volume to market cap ratio was 3.25% indicating low volatility in the crypto. It has a live market capitalization of $10.19 Billion and ranks 12th in the cryptoverse.
AVAX Crypto Technical Analysis
From a technical standpoint the AVAX crypto hovers below the key Exponential moving average of 20, 50 and 200 days indicating a strong bearish trend prevailing. Though the bulls have initiated a recovery, it needs to surpass the 200 day EMA in order to turn a bullish reversal .
On the higher side, the $33.5 level may act as a hurdle which if surpassed may validate a bullish reversal. On the lower side, the $24 level has been acting as the critical demand zone which if breached may trigger a panic selling in the crypto.
At the time of writing, the RSI line and 14 day SMA line have made a bullish crossover adding confirmation to a continued recovery. Both the lines have recovered from an oversold region indicating an improved sentiment.
Can AVAX Continue To Recover Or Fail?
Avalanche crypto surged 2.5% intraday today after defending the $24 support level indicating a recovery. Despite broader market sell-offs, AVAX price recovery has reassured investors. However, for a bullish reversal, the price must sustain above the key EMAs.
Currently, AVAX hovers below the 20, 50, and 200-day EMAs, signaling a bearish trend. Transaction volume has decreased by 40%, indicating decreased selling pressure. Now, if AVAX crypto manages to surpass the $33.5 resistance, a bullish reversal could be confirmed. However, falling below $24 could lead to further sell-offs. The RSI and SMA lines suggest improving sentiment.
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