- The AVAX token price has bounced off the demand zone following a strong bullish momentum in the past couple of weeks.
- The AVAX token price is forming a rounding bottom pattern on a daily time frame.
- The pair of AVAX/BTC is trading at the price level of 0.0007814 with an increase of 0.29% in the past 24 hours.
AVAX token price has been on a move after a strong bullish momentum in the overall cryptocurrency market. On a daily scale, the token price has given a breakout of an hourly time frame. The token price bounced off the demand zone with a strong bullish momentum.
AVAX token price has reacted to the bullish pressure as it surpassed the important 50 as well as 100 Moving Averages. Despite the strong bullishness the token price is yet to break the important supply zone. However, the token price has formed a strong bullish candlestick pattern, it becomes very important for a strong breakout for an inverter to jump into it.
At present, the AVAX token price is trading at the upper band of the bollinger band indicator after bouncing off the lower band in the past 72 hours. At first, AVAX token price was facing strong rejection of the 20 EMA but recent bullishness has resulted in the token price moving up strongly. Investors should remain cautious and wait for confirmation and then act accordingly. Despite the bullish momentum the volumes have been normal which is a worrying sign for the bullish investors.
AVAX token price is forming a rounding bottom pattern on a daily time frame
Average Directional Movement Index: The ADX curve has been on an uptrend following a strong bullish movement. Prior to that, the AVAX token price was trading at the demand zone, during which the ADX curve was trading below the mark of 20.Although, the token price has now moved up as the ADX curve transacts at 46.81.
Relative Strength Index: The RSI curve has been on a move following a strong bullish momentum. The token price has been trading at the supply zone for the past couple of weeks. This has led to the RSI curve crossing the halfway mark of 50. Previously, the token price was trading at the demand one , at which the RSI curve was bearish. As of now, investors should remain cautious as the RSI curve approaches the overbought zone.At present, the RSI curve is transacting at 70.30.
Supertrend: The AVAX token price has been on an uptrend. Before the bullish movement in the past couple of trading days, the token price was facing a strong rejection from the supertrend sell line. As of now, the token price has broken the supertrend sell line which has resulted in the formation of the supertend buy line. Moving upwards the token price can be seen taking at the supertrend buy line.
Conclusion
The AVAX token price as per the price action is super bullish. The technical parameters are also bullish supporting the trend. Although, the token price is yet to cross the supply zone on a daily time frame. Therofe, investors should wait for a proper breakout and then act accordingly.
Support: $15.71 and $14.87
Resistance: $18.97 and $21.79
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.