Avalanche (AVAX/USD) Market Shows Signs of Impending Rally
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Avalanche Price Prediction – July 2
AVAXUSD market shows signs of an impending rally as a Change of Character (CHoCH) recently occurred. Should the price respect the bullish order block in the discount zone, a massive rally is likely, with a tendency to invalidate the major high.
The Simple Moving Average (SMA) set to 9 periods is currently at $27.310, and the price is trading above this level, indicating short-term bullish momentum. Additionally, the Relative Strength Index (RSI) is at 44.660, which is in the neutral zone but pointing upwards. This suggests increasing buying pressure without entering overbought territory, providing room for further upward movement.
AVAXUSD Market Key Levels
Resistance: $30.560, $39.890, $50.000
Support: $27.210, $18.930, $15.000
AVAX/USD – Daily Chart
The daily chart for the AVAXUSD market shows signs of an impending rally as a Change of Character (CHoCH) recently occurred.
AVAXUSD has recently bounced off the discount array. This retraction enhances the significance of the bullish order block and the FVG (Fair Value Gap). The price has broken above a minor resistance level of around $28.870 and is approaching the next resistance at around $30.56.
The daily chart also shows a descending trendline from recent highs, which is a significant resistance level. The bullish momentum is evident from the formation of higher lows and the breakout of minor resistance levels.
What is the projection for the AVAXUSD market?
AVAXUSD is projected to test the major descending trendline around the $30.560 resistance zone. A successful breakout above this trendline would further confirm the bullish reversal and could push the price toward the next significant resistance at $39.890. Conversely, if the price fails to break this trendline, we might see a pullback to retest the support level at $18.930 or even $15.000.
AVAX/BTC Price Analysis
AVAXBTC pair is exhibiting a bearish trend as indicated by its position below the 9-day SMA at 0.00044430 BTC. The RSI is at 49.63, close to neutral but tilting downwards, indicating weakening momentum. A break below the immediate support at 0.00044840 BTC could lead to a further decline towards the next major support levels at 0.00037680 BTC and 0.00030030 BTC.
Avalanche (AVAX) Current Statistics
The current price: $28.120
Market Capitalization: $11,110,000,000
Trading Volume:$263,510,000
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