Crypto Avalanche price recently experienced a reversal near the $24 level, surging approximately 7% from the previous day's low. At the latest update, AVAX was trading around $25.70, indicating a 2.35% intraday rise. The uptick in Avalanche price occurred as buyers defended the $24 support, leading to a renewed recovery on the following day. The current situation shows AVAX breaking above the prior day's high, showcasing a gain of more than 2.5%.
Following weakness in the broader market that triggered a brief downtrend in AVAX, price action leaned towards bearish territory. Nonetheless, an intraday rebound offered some respite to investors. However, sustained recovery is essential for AVAX to establish a bullish trend, as it currently lingers below crucial Exponential Moving Averages (EMAs).
A notable surge in transaction volume signals a continuation of the recovery phase. Parsing through various metrics presents an opportunity to ascertain the likely trajectory of Avalanche price.
Avalanche Price Action: Volume & Volatility Analysis
Despite bearish attempts to breach the $24 support, a late-session resurgence by bulls ensured the support threshold was maintained. Intraday movements emphasize buyer dominance and a strategic push for recovery.
Furthermore, a significant drop of almost 40% in intraday transaction volume to $322 million reflects diminishing seller interest. The volume-to-market cap ratio stands at 3.25%, portraying low volatility in the crypto space. With a market capitalization of $10.19 billion, AVAX holds the 12th ranking in the cryptoverse.
AVAX Price: Technical Analysis
Technically, Avalanche price navigates beneath key EMAs of 20, 50, and 200 days, indicating a strong prevailing bearish trend. While the recent recovery effort commenced, surpassing the 200-day EMA is crucial for a bullish reversal.
On the upside, breaching the $33.5 level could signal a positive turning point, while a dip below $24 might trigger escalated selling pressure. Notably, the RSI and SMA lines reveal a bullish crossover, echoing an ongoing recovery with sentiment improvements.
Can AVAX Continue To Recover Or Fail?
Today, AVAX witnessed a 2.5% surge intraday following the defense of the $24 support level, hinting at a recovery path. Despite broader market downturns, the recovery in AVAX offers optimism to investors. However, sustaining levels above key EMAs is imperative for a definitive bullish shift.
Presently positioned below the vital 20, 50, and 200-day EMAs, AVAX indicates a bearish trajectory. The decline in transaction volume by 40% suggests reduced selling pressure.
A potential breach of the $33.5 resistance level could affirm a bullish reversal, whereas slipping beneath $24 may trigger further sell-offs. Encouragingly, RSI and SMA indicators advocate an improved sentiment amidst ongoing market dynamics.
