AVAX Price Continues the Struggle: Breakout or Pullback?

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by Giorgi Kostiuk

2 years ago

Recently, Bitcoin's price hit a new all-time high, while altcoins maintain a slow yet steady trend. Avalanche (AVAX) is in the spotlight, gaining significant backing from the bulls.

Current Market Conditions

AVAX price continues to test the upper resistance of the rising parallel channel. Despite repeated attempts, the bulls have failed to breach this resistance. Bear interference remains notable, which may lead to a pullback.

Factors Supporting Bullish Trend

The bullish trend is affirmed by a significant rise in levels attempting to breach the resistance. Several key factors point to a possible continuation of the rally: the expected 'Golden Cross' and ongoing market support.

Potential Reversal Signals

Despite current successes, there are several reasons for bearish forecasts. Volume decline after reaching yearly highs, bearish MACD crossover signals, and OBV bullish divergence suggest a potential price dip.

In summary, while the AVAX price exhibits significant bullish movement, a series of technical signals indicate possible short-term declines, followed by a new growth wave.

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