Sohrab Khawas
Following the sharp and long-term downtrend in AVAX coin price, the market recovery revives a bullish hope for altcoins. With this recovery phase, the AVAX coin price rises above the long-coming resistance trendline. Moreover, this trendline breakout gives a falling wedge pattern in the daily chart.
Currently trading at $10.003, the Avalanche coin price displays an intraday fall of 1.0%, which comes as a pullback. Prior to today’s pullback, the AVAX coin price displayed a post-test reversal to form a morning star pattern completed by a 7.21% bullish engulfing candle.
With this bullet reversal from the $8.63 mark, the possibility of an uptrend continues as the Avalanche market price exceeds the 50-day EMA. This increases the possibility of the market price reaching the 200-day EMA, potentially leading to a bullish reversal and a golden crossover.
Furthermore, the reversal rally in AVAX price projects a potential rounding bottom with a neckline at the $11 mark. If the buyers fail to exceed the $11 mark on the first attempt, it might form an inverted head and shoulder. Provided the 50-day EMA supports the Pullback from $11.
With such AVAX price predictions, the uptrend faces multiple overhead oppositions.
Technical indicators:
EMA: The market value is above the 50-day EMA, projecting a potential bullet reversal.
DMI indicator: The DMI indicator displays the DI lines giving a positive crossover, and the positive uptick in the ADX line displays significant but small rising trend momentum.
Will AVAX Price Rise Above $12?
Considering the increasing trend momentum over the past few days, the AVAX price can definitely reach the $11 mark. However, the Price action at the $11 line will be crucial for the upcoming price trend.
If the market price gives a bullish breakout, the uptrend can reach the 200-day EMA, close to $13. However, a pullback will result in enough delayed breakout or plunge to $9.
