- Avalanche price tries to overcome a 40-day downside-facing consolidation.
- A rebound from the support level at $14.75 will likely catalyze an upside move towards the obstacle at $21.47.
- A 24hr candlestick closing beneath $14.75 will form a lower low, invalidating Avalanche’s bullish outlook.
Avalanche price seems ready for upside reversals as the alternative token consolidates beyond a steady support barrier. An indicator appears to back this uptrend, adding credence to the potential price surge for AVAX.
AVAX Price Ready for Upside Waves
Avalanche price has printed five lower lows since 12 May, confirming the constant selling momentum within the crypto atmosphere. The downward action emerged as the entire cryptoverse endured colossal liquidations in lending companies and platforms.
Nevertheless, AVAX appears to make the best of the worst scenarios. The RSI (Relative Strength Index) indicator has created higher lows since 12 May, presenting a bullish divergence pattern.
This technical setup predicts a bullish action for AVAX price. Thus, enthusiasts can anticipate a 28% rally and hit the nearest resistance zone at $21.47. This level will likely cap further Avalanche surges.
Meanwhile, flipping this hurdle into a foothold will increase the probability of stretching the leg up to $27.89. That would comprise a 67% upsurge from AVAX’s current price.
Though things seem upside for Avalanche price, failure to ensure steady upside momentum would suggest weakness by buyers. That can see the alternative token producing a daily candle closing under the support barrier of $14.75.
AVAX will form a lower low to annul the optimistic price narrative. Such developments might witness the altcoin sliding towards the support floor near $10.70.
Nevertheless, Avalanche remains primed to upswing towards the hurdle at $21.47. The altcoin seems to brew the needed storm to trigger a 25% upsurge past the barrier at $14.75. Only a candlestick closing beneath $14.75 support would invalidate Avalanche’s bullish narrative.
The crypto market appears somewhat green today, following minor overnight upticks. The global crypto market capitalization gained 0.12% over the past day to $901.08 billion. Also, Bitcoin surged 1.91% within the past day to $20,428.21. Such an atmosphere would support Avalanche’s journey to upside targets.
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