Avalanche (AVAX/USD) Market Begins a Breakout to The Upside
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Avalanche Price Prediction – May 21
The Avalanche (AVAXUSD) market begins a breakout to the upside. Following the consolidation that lasted for over a month, the market finally began a rally to the upside.
The SMA (Simple Moving Average) crossed downward and to the other side of the candlesticks as a Failure Swing formed. The failure swing formed in March as a result of the bulls’ inability to drive prices higher. The downtrend continued until the market entered a consolidation phase owing to the oversold state of the market, according to the Stochastic Oscillator. The market has recently broken out of the consolidation phase, thereby indicating a bullish trend into the premium zone.
AVAX/USD Market Key Levels:
Resistance levels: $39.90, $50.00, $65.40
Support levels: $30.60, $27.20, $18.90
AVAX/USD – Daily Chart
The AVAX/USD daily chart showcases that the market has begun a breakout to the upside.
The breakout eventually began after several days in the consolidation zone. The zone has been bounded by the $30.60 support and the $39.90 resistance.
Despite the recent bullish breakout, the overall trend of the market, however, remains bearish. Before the consolidation, a market structure shift to the downside occurred as a failure swing formed in March 2024.
When is the AVAXUSD market likely to resume its bearish trend?
The consolidation began after the invalidation of the double bottoms that formed at $35.20. A Breaker Block has formed as the price experienced a sudden breakout to the upside from the consolidation zone.
The Stochastic Oscillator currently indicates that the market is about to enter an overbought state. A retracement into the BB (Breaker Block) is expected to cause a surge to the 78.6% Fibonacci retracement level. After that, the bearish trend is likely to resume.
AVAX/BTC Price Analysis
On the daily chart of AVAXBTC, the market keeps consolidating within the 0.000610 price level and the diagonal support. On the daily chart, though, the market seems to be declining within a falling channel.
Price has earlier bounced off the channel’s support in April 2024. A breakout from the consolidation zone is expected to engineer a bullish move to the channel’s resistance.
Avalanche (AVAX) Current Statistics
The current price: $32.50
Market Capitalization: $12,290,000,000
Trading Volume:$472,250,000
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