For the third day in a row, the price continues to rise.
AVAX, however, continues to trade between $18.30 and $20.45 in the near term. To maintain the gains, further purchasing activity is needed. As its prints increase by more than 4%, AVAX's pricing appears optimistic. 20% further upside is sought over the daily closing price of $20.45. From the swing high of $30.86, the price fell by almost 35%.
The price of an avalanche is about to increase its gains.
A "Bullish Shark" harmonic pattern was generated by Avalanche on the daily chart. However, the second top in a bullish Shark pattern is higher than the first. It also applies new ratios like 88.6% and integrates Fibonacci with Elliott's waves theory. Furthermore to this bullish pattern. Price hasn't broken through its prior swing low either, suggesting that a reversal could be on the horizon. This pattern indicates that a bullish advance of up to ($23.60) can be anticipated if the price closes above the high of a powerful bearish candle and tests the 88.6% Fib. level ($20.60).
The 20-day exponential moving average, which is located at the highs of the consolidation zone, is providing additional resistance to the price at the same level. AVAX will soon experience a bullish turnaround with a strong breakout above that level and healthy volumes.
On the daily chart, the price even exhibited a Double Bottom structure. The neckline of the pattern is located at the same level. To put it simply, the direction will change from bearish to bullish when the daily candle closes above 21.
On the four-hour chart, after experiencing a significant decline of more than 25% from $23.65 to $17.50, the price entered a consolidation zone, which indicates building a base close to the lower levels and suggesting accumulation close to support. The major player in the market is gradually establishing a long trade while liquidating short bets. The last swing high, which was $23.65, can be reached if the price closes above this area.
The price is even forming a "Drop-Base-Rally" pattern on the same chart. Retail traders can see the demand on the chart because to the zone that the DBR pattern creates. More purchasers are interested in purchasing from the demand zone. due to the market's constant movement between different technical analysis zones.
