The market has continued to constantly rise as the crypto industry has now experienced 5 out of 7 green days, indicating a high possibility of the month ending on a bullish note. Further, the AVAX price has performed well among altcoins, as the coin has been one of the top gainers for three straight days.
The AVAX price has been trading in an expanding channel for over two weeks, indicating a bullpower in the market. The AVAX coin was seen trading in a consolidated range for a brief period of time. The price has recently experienced a Golden Crossover, after which the coin gained massive bullish momentum.
Further, this resulted in the Avalanche price breaking out of multiple resistance levels and an upper limit of $10.99. The AVAX coin was trading close to the resistance level and tested to break the level but failed, and the price experienced a dip, indicating a high possibility of a trend reversal soon.
The RSI averages have been constantly trading above the mid-point for an extended period of time and have failed multiple attempts to break down the point. Further, the coin recently breached the overbought range, indicating a possibility of a dip soon.
Will AVAX Regain Its Value?
If the Bulls manage to hold the power and push the price above $11.50, then the price will continue to gain bullish momentum and continue to rise in the coming time. Further, if the price holds the level, then Avalanche will prepare itself to test the upper resistance of $12.00.
On the other hand, if the bears regain power and manage to hold the price below $10.99, then the price will start trading under a bearish influence, resulting in the price further plunge in the coming days. If the market fails to regain momentum, then the price will continue to dip and test its lower support of $10.48 soon.
Further, if a trend reversal occurs, then the price is bound to fall and test it support level of $9.96 in the coming time.
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