- AVAX Token price action forms an inverted head and shoulder pattern in the daily chart.
- The bullish candlestick indicates the bullish breakout is imminent.
- The pair of AVAX/BTC is trading at 0.001174 BTC with an intraday move of +14.09%
AVAX Token price trends higher with the formation of an inverted head and shoulder pattern in the daily chart. Furthermore, the recent bullish engulfing candlestick indicates the bullish breakout possibility. As a result, we can shortly see a bull run if everything falls in its place.
Pivot point analysis has shown that the resistance levels of the Token are at $87 following $100. However, if the price drops below $70, sellers could face resistance at $62 and $55.
AVAX Token trades for $74.11 and has experienced a 12.74% rise in market capitalization within 24 hours. In addition, the intraday trading volume increased by 150% over the last day.
Will This Bull Run Help AVAX Token Price Reach $100?
AVAX token price is ready for the bullish breakout of the inverted head and shoulder in the daily chart. As a result, we can shortly observe a bull run to $87 or even higher to $100 mark if the buying pressure sustains.
The AVAX token price shows a bullish trend, with its price trading higher than all the important EMAs 20, 50, and 100. These EMAs can provide support to the falling AVAX prices due to the recent evening star pattern.
As the slope spikes up in the daily chart, the RSI indicator predicts a boom in the underlying bullishness with the rise in price action.
The MACD indicator shows the MACD and signal lines rising higher in the daily chart. Furthermore, the lines indicate a buy signal as the fast line is above the seller’s line.
Conclusion: AVAX Token Price action indicates a rise in buying pressure evident by the bullish breakout of the inverted head and shoulder pattern in the daily chart with a bullish engulfing candlestick.
Resistance– $87 or $100
Support– $70 and $62