Avalanche (AVAX) price rises for the third consecutive session on Tuesday. The price of AVAX has risen above 40% in the past five days. There are multiple technical indicators that indicate that current momentum will last at least in the near term.
The Avalanche (AVAX) price rose Tuesday. Expect more upside as the price breaks away at $100.0. The 24-hour trading volume stands at $1,668,368,250 with a gain of 122%.
AVAX Awaits A Symmetric Triangle Breakout
The Avalanche (AVAX) price has been trading within the ‘Symmetrical Triangle’ formation since early January. AVAX has lost nearly 54% from the $117.61 highs. In addition, the price crossed the 20-DMA at $111.27.
Source: Trade View
Recently, the price has reversed the downtrend after gaining support near the bottom trendline of the symmetrical triangle. An acceptance above the mentioned moving average pushes the price towards the upper trendline.
However, investors have been feeling a little exhausted near the recent highs as after hitting the multi-week highs around $97.0, the price slipped to $85.0. On Balance Volume (OBV) has risen along with the momentum oscillator.
The Daily Relative Strength Index (RSI) is approaching the overbought zone and stands at 57.0.
A breakout above the intersection of the symmetrical triangle formation investors could test the psychological $100.0 level. The following January 2 highlights are in the spotlight of investors.
Alternatively, the formation of a ‘Doji’ candlestick indicates some indecision on the part of investors. If the next daily candle is a red, the chance of a lower breakout is quite higher. As a result, the direct target is placed at $70.0.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
This post Is Avalanche (AVAX) Price Ready To Hit $100!
was published first on https://coingape.com/markets/is-avalanche-avax-price-ready-to-take-out-100/
