With a brief uptick in the crypto market cap, some of the assets are trying to reclaim their green zone. Whereas, a majority of the tokens are still lingering within the bearish phase. Among the altcoins, Avalanche (AVAX) has registered a jump of over 5.68%, choosing to trade on the upside.
The bearish pressure in the early hours has pushed the AVAX price down to the $28.37 level. After the entry of bulls, it tested and broke the crucial resistance between $28.42 and $30.88, gradually the asset climbed to a daily high of $30.93.
As per CMC data, at press time, Avalanche traded at around $30.46, with a market cap of $12.85 billion. Besides, its daily trading volume is up by over 11.51%, reaching $1.26 billion. The Coinglass data has reported that the market has observed a liquidation of $1.98 million worth of AVAX in the last 24 hours.
Avalanche’s Moving Average Convergence Divergence line and signal line are positioned above the zero line, indicating a bullish momentum. The MACD is just one point above the signal line, with a slight upward edge, hinting at a weak but positive signal.
Besides, the Chaikin Money Flow (CMF) indicator of AVAX found at -0.13 suggests a mild selling pressure in the market. As the value is close to zero, the bearish momentum is not very strong yet. Notably, the capital is flowing into the asset.
Assuming the Avalanche bulls gained more traction, the price could find the key resistance at the $30.53 range. The continued upside correction might potentially trigger the golden cross to unfold, sending the price toward $30.60 or even higher.
Contrarily, a bearish reversal of the asset might push the price down and test the nearby $30.39 support. A downside correction could initiate the death cross to take place, and the bears would drive the Avalanche price to a lower target at the $30.32 mark.
Moreover, the daily Relative Strength Index (RSI) resting at 61.50 signals a moderately strong bullish momentum. AVAX may approach the overbought zone, with sufficient room on the upside. Avalanche’s Bull Bear Power (BBP) value of 2.08 is a positive value, implying bullish pressure, moderately. The bulls are pushing the price higher, not extremely.
Highlighted Crypto News
SEI Faces a Crucial Test: Will the Price Climb Above $0.35, or Will Bears Block the Move?
Also read: Bitcoin Spot ETFs Rake in $260M Inflow Overnight – 6 Day Streak as Ethereum ETFs Heat Up
